BRICS Cuts Euro and US Dollar Transactions to Less Than 30%
According to a Russian finance official, BRICS nations are increasingly using national currencies, with local currencies accounting for 65% of transactions. The US currency and euro account for fewer than 30% of transfers among member states, indicating a purposeful transition away from reliance on Western financial institutions. Sanctions and geopolitical tensions have accelerated this trend.
In BRICS transactions, the dollar and euro are being used less frequently, according to Russian Finance Minister Anton Siluanov, who noted that they currently account for fewer than 30% of total payments. Speaking on Thursday in Moscow, Siluanov noted that 65% of the group’s transactions currently take place in national currencies. Tass reported him as saying: