President Vladimir Putin confirmed at the 2025 summit in Rio de Janeiro on Sunday that 90% of all transactions were resolved in local currency among BRICS members. The majority of the cross-border settlements were paid in the ruble along with other local currencies, Putin said.
He also revealed at the BRICS 2025 Summit that trading in local currency is booming. “Friendly Country” They submit the national currency for trade transactions rather than the US dollar for settlement of payments. This makes the alliance much stronger as the Alliance is the only block actively working on the West.
“The use of the country’s currency in trade between our countries is steadily increasing. In 2024, our country’s currency share, the ruble, together with the currencies of friendly countries, accounted for 90% of the Russian settlements with other BRICS provinces.” Putin emphasized at the 2025 Summit.
Local currency controls the roost at the BRICS 2025 Summit
Putin revealed that BRICS is discussing on Thesummit to make payments smoother and faster in local currency. This includes logistics, insurance, and other financial services to upgrade payment processing infrastructure between lawmakers. The ultimate goal is to maintain competitiveness with the West and build a system that is independent of the US-controlled financial sector.
“First and foremost, it is necessary to further expand the use of countries’ currency in mutual settlements, such as technology, resources, logistics and insurance, trade and the efficient development of finance.” He pointed out at the BRICS 2025 Summit.
Russia was the flag bearer who convinced the alliance to switch to local currency payments. Even China is actively pursuing global deco-op by persuading other countries to abandon the US dollar for trade and trade. It spreads its wings across Asia, Africa and South America. Local currency dominates dialogue at the ongoing BRICS summit, but the US dollar is being pushed into the backseat.
