BRICS member Russia is advancing the de-dollarization agenda with every alliance it is a part of, and convincing them to settle trade payments in national currencies. In the latest, Russia confirmed that 93% of cross-border payments within the Eurasian Economic Union (EAEU) alliance have been settled in national currencies, not the US dollar.
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After BRICS, every other alliance is teaming up for trade settlements in national currencies. The development will add strain on the US dollar and dampen its prospects as the world’s reserve currency. Emerging economies are reshaping the global financial order on their terms and not following the dictation of Western powers.
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BRICS: Eurasian Economic Union EAEU Sidelines US Dollar, Pays 93% Trade in National Currencies
The EAEU alliance comprises five countries: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. In 2015, the bloc announced that it used 70% of payments in national currencies. Now, 10 years down the line in 2025, the trade settlements have increased to 93%. Russia has used the BRICS ideology on the EAEU alliance to push national currencies ahead of the US dollar.
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“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,” said Russian Deputy Minister of Economic Development Dmitry Volvach. Now, BRICS, CIS, SCO, GCC, ASEAN, and EAEU are using national currencies and ending reliance on the US dollar.
Volvach explained that no country was forced to indulge in de-dollarization, and the switch to national currencies was in their interest. “It is impossible to artificially force participants in foreign economic activity to switch to one currency. This is a good foundation for further growth,” he said. BRICS and EAEU are now at the forefront of de-dollarization, where national currencies take the lead over the US dollar.