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BRICS Nations—Russia, China, and India—Shift Away From US Dollar in 95% of Trade Transactions.
February 18, 2024 Ethan Michael

BRICS Nations—Russia, China, and India—Shift Away From US Dollar in 95% of Trade Transactions.

A clear indication of escalating efforts in BRICS de-dollarization is evident as Russia, China, and India have opted out of using the US dollar in 95% of their trade. The Secretary General of the International Chamber of Commerce (ICC), Tatiana Mohaghan, disclosed this significant shift in currency preferences in Russia's dealings with these two nations.

The shift is characterized by a substantial surge in the use of local currencies in trade between Russia and the two BRICS countries. Additionally, the ICC reported a substantial decline in Russia's export settlements, either in the US dollar or the Euro. Specifically, this has dropped from over 85% in 2021 to a mere 34% last year.

In the past year, the BRICS economic alliance has openly pursued de-dollarization initiatives, especially in response to increased Western sanctions on Russia. As a result, the bloc has enhanced its reliance on local currencies in bilateral trade, resulting in significant changes in the overall usage of different currencies by the three major nations.

Specifically, in trade among BRICS countries—Russia, China, and India—the US dollar has been abandoned in 95% of transactions. Russia has shifted to settling its overall trade with these nations in local currencies. The ICC notes a 39% increase in the usage of the Russian ruble in cross-border transactions from 2021 to 2023, along with a rise in the use of friendly country currencies during the same period. This shift in trade settlement focus was initiated in the previous year and is anticipated to expand substantially throughout 2024.

Tatiana Monaghan emphasized, "95% of settlements in the Chinese and Indian directions in 2023 were carried out in national currencies." She also highlighted that China has become Russia's primary trade partner, accounting for 29% of the trade turnover. Russian President Vladimir Putin had previously mentioned that nearly 70% of trade between Russia and China is settled in local currencies.

Filed in: brics, gold, gold ratio, inflation, IRA, metals, precious metals, savings, silver, silver ratio, trade, us dollar
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