BRICS Treads Cautiously on De-Dollarisation Path
BRICS nations have adopted a cautious approach to de-dollarisation, focusing on incremental steps such as interoperable payment systems and local-currency settlement rather than a common currency.
The joint statement issued after the meeting of Finance Ministers and central bank Governors does not mention a formal call for replacement of the U.S. dollar.
Iranian President Masoud Pezeshkian made a direct case for moving away from the dollar, arguing that the international financial system's concentration around a limited number of currencies leaves economies vulnerable to political shocks.
Russian President Vladimir Putin also supported developing a more resilient network of trade, investment, and financing, and expanding the use of national currencies.