BRICS de-dollarization efforts took a major step forward as officials from member nations gathered in Moscow to sign a cooperation agreement among their capitals and major cities. The agreement was signed at the Moscow City Duma on October 28, 2025, and it brought together mayors, city council heads, and also parliamentary officials from the BRICS bloc, including newer members like Iran and others. This BRICS Moscow pact actually represents a coordinated push by these nations to reduce their dependence on the US dollar and to establish what’s being called a multipolar world economy that would operate outside of Western-dominated financial systems.
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The cooperation agreement was finalized with participation from senior city officials who were representing the capitals of BRICS member countries. Mehdi Chamran, who is the Chairman of the Tehran City Council, actually led the Iranian delegation to the BRICS Mayors’ Summit and he spoke at the signing ceremony about what this BRICS pact means.
Chamran stated:
“I am pleased that we are signing this historic agreement, which aims to counter the unilateralism of the U.S. and the West.”
BRICS Pact Strengthens De-Dollarization and a Multipolar World Economy
Moscow Agreement Challenges Dollar-Centric Financial Systems
The push for BRICS de-dollarization has gained momentum throughout 2025, and it’s not just symbolic either. Member nations have prioritized trade in local currencies as a primary method right now, and they are developing alternative cross-border payment systems to facilitate transactions outside the dollar system. Russian Deputy Prime Minister Alexander Novak revealed some pretty significant progress in October 2025, announcing that Russia has achieved remarkable success in shifting away from dollar-based trade with its major partners.
Novak stated:
“The market itself meets the need for settlements in national currencies. For example, with our friends from China and India, we have already switched to national currencies by 90-95%. This is automatic, without any purpose, because they don’t allow settlements in the respective currency, which used to be the hegemonic one.”
Multipolar World Economy Gains Support From Local Governments
Chamran emphasized during his remarks that BRICS countries represent over half of the global population at this point and also a significant share of world production. The world is transitioning from an era of unilaterism to what he described as a new multipolar order, and this transformation is meaningful not only at the level of governments but even within city councils, which actually reflect the genuine will of citizens. The alliance currently represents nearly one-third of the global economy and continues to expand its influence as a pillar of the emerging multipolar world economy.
Along with discussing the BRICS end of dollar dominance, Chamran also criticized international institutions for what he sees as their dependence on global powers. He positioned city councils as potential voices that can operate more independently of traditional power structures.
Chamran emphasized:
“Unfortunately, many international bodies, due to their dependence on global powers, have become instruments of injustice and coercion. In such circumstances, city councils can serve as the voice of reason, peace, and solidarity among nations.”
The BRICS Moscow pact builds on existing initiatives that focus on achieving economic autonomy and independence from Western financial systems. Member countries are working right now to increase their financial sovereignty and reduce their exposure to U.S. Federal Reserve policies, which have historically impacted their economies in various ways. The cooperation among BRICS capitals signals that this movement toward establishing a multipolar world economy has gained support at multiple levels of governance, from national governments all the way down to city administrations.
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Cities and National Governments Unite for Financial Independence
The BRICS agreement represents a practical step in the current process of de-dollarization. These countries are all working towards increased economic autonomy through local currency exchange, local payment systems, and even local banks such as the New Development Bank, and they actually challenge the current dollar-dominated systems of world finance with their combined populations and production.
Therefore, many see the signing of the agreement in Moscow as a new step in BRICS de-dollarization, where cities and local authorities actively restructure international economic relations alongside national leadership.