Russia clarifies de-dollarisation stance ahead of BRICS summit

Russia has eased de-dollarisation fears by clarifying that the country does not seek de-dollarisation and is open to every payment method.

The Kremlin's stance comes days before the Russian president is set to participate in BRICS leaders’ summit in New Delhi on September 12-13.

According to Kremlin spokesperson Dmitry Peskov, around 90 percent of transactions between Russia and BRICS nations now occur in national currencies. He also accused some countries of manipulating the national currencies as political instruments without mentioning their names.

During the BRICS summit, both countries India and Russia are expected to hold talks on trade, security and economy. The cooperation on rare earths exploration is widely expected between the two countries, Peskov added.

“The issue of Russia selling its ​Sukhoi ⁠Su-57 stealth fighter jet to India is on the bilateral agenda,” Peskov said.

What are Russia’s de-dollarization claims?

Russia’s de-dollarization push centers on claims that the US and Western allies have weaponized the global financial system, especially the dollar and SWIFT messaging by imposing severe sanctions in the wake of Russia’s invasion of Ukraine.

Moscow frequently frames its push toward alternative payment systems not as a hostile attempt to completely destroy or outlaw the US dollar, but as a necessary defensive shield against the backdrop of sanctions and payment issues.

BRICS includes Brazil, Russia, India, ⁠China, South ​Africa as well as Ethiopia, ​Egypt, Indonesia, Iran and the UAE.