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The BRICS alliance slowly yet steadily pulled the rug on the US dollar by various methods in the last three years. They bypassed the USD in several cross-border transactions and leveraged the growing discontent against the White House. While the Biden administration’s sanctions got the group to band together, Trump’s tariffs made them stick together. Either way, the bloc remains united in pushing local currencies ahead to strengthen their native economies and respective GDPs. Also Read: 10 Countries Likely To Join BRICS Alliance Next How BRICS Sidelined the US Dollar India & Russia: Oil Settlements in Dirham, Ruble, and Rupee Source: Adobe / Dreamstime.com After the White House imposed sanctions on Russia, India has been buying crude oil from its BRICS counterpart using the rupee, ruble, and dirham. India had also saved over $7 billion in exchange rates for over two years before Trump stopped the purchases through additional sanctions. This was among the first instances wher...

Africa is taking a bold economic U-turn by following the footsteps of BRICS and challenging the US dollar by settling trade in a homegrown payment system. The Continent accelerated the launch of a local currency payment system that does not rely on the US dollar. The homegrown payment system is called the ‘Pan-African Payments and Settlements System‘ (PAPSS) and remains at the forefront of the de-dollarization agenda in the Sub-Saharan Continent. Also Read: India Reveals New Details About BRICS Currency BRICS Inspires 15 Countries in Africa To Settle Trade in the Homegrown Payment System Source: iemed.org Taking a leaf from the BRICS bloc, 15 African countries have used the homegrown payment system PAPSS for trade. As of June 2025, over 150 commercial banks in Africa settled the payments in local currencies bypassing the US dollar. The 15 countries that used the PAPSS include Kenya, Malawi, Tunisia, and Zambia, among many others. PAPSS saves African countries more money in f...

Prime Minister Narendra Modi’s attendance at the upcoming BRICS summit in Rio de Janeiro next month is causing significant concern in Washington right now. The Trump administration views this development with alarm, particularly as BRICS currency discussions and de-dollarization efforts threaten US financial dominance. India-US tensions are escalating over New Delhi’s participation, and officials are warning that such moves could reshape BRICS trade relationships and also challenge G-7 authority in global economic affairs. Also Read: Morgan Stanley Predicts US Dollar Drop to Pandemic Lows India’s BRICS Push Sparks US Alarm Over De-Dollarization, Ties Source: BSMedia Trump Administration Views Modi’s BRICS Participation as Direct Challenge US Commerce Secretary Howard Lutnick made clear American displeasure at the USISPF industry forum on Tuesday, and he revealed that Modi’s BRICS summit participation has created friction between the allies. At the time of w...

In a breakthrough shift in the financial sector, the BRICS alliance has paved the way for other countries and leading business institutions to look beyond US dollar-based Treasuries and bonds and buy other Asian-based financial assets. Kazakhstan, which participates in BRICS Outreach formats, has allowed its state-run oil and gas company KazMunayGas to eye Chinese yuan bonds, leaving aside the US dollar-based bonds and Treasuries for the first time. The Chinese yuan bonds are cheaper debt compared to the US-denominated financial assets such as Treasuries and bonds. KazMunayGas is also exploring opportunities to issue debt in Arab countries and buy their bonds in a first-of-a-kind development. The credit for this new shift goes to the BRICS bloc as they’re convincing firms that there are more options to explore such as the Chinese yuan than just buying US dollar-based assets. Also Read: BRICS vs G7: Who Is Richer in 2025? BRICS: Kazakhstan’s Oil & Gas Firm Eyes Chinese Yuan B...

On the heels of the 16th BRICS summit in October 2024, Russian Foreign Ministry spokesperson Maria Zakharova called the US dollar a “problematic currency.” She said that the de-dollarization agenda is not a goal for some nations, but a reality. While the initiative took wings last year, it is now an ash-covered cinder that has taken a temporary refuge. Also Read: BRICS: Nobody Will Trust the US Dollar Again The temporary refuge to pause de-dollarization comes after US President Donald Trump threatened 100% tariffs on goods from BRICS countries. This led to many countries, especially India and Brazil dropping the de-dollarization ideals and embracing the US dollar. The backtracking comes from threats and not out of their own will. The main issue with developing countries was that the US was weaponizing the dollar for their benefit. Even former US Treasury Secretary Janet Yellen admitted that sanctions have led to de-dollarization. From pressing sanctions to ruining economies, the ...

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Russia is reaching out to Myanmar to advance and strengthen the de-dollarization agenda in 2025. BRICS member Russia is in discussions with Myanmar to conduct trade in local currencies and ditch the US dollar. The Putin administration is looking to launch a direct payment system with their respective local currencies, the kyat and ruble. The goal is to significantly reduce the usage of the US dollar and bolster local currencies for cross-border transactions. Also Read: Analysts Predict the Future of BRICS Currency BRICS: Russia & Myanmar Look to End US Dollar Reliance, Promote Local Currency Source: irrawaddy.com Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade. However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. Th...

A secret metal that was heavily used during World War I and World War II has made a comeback in recent times. The 100-year-old metal seemed unimportant a few years ago, but its value and potential are being fully realized now. However, 50% of the metal is now under the control of BRICS member China. The US has to depend on China for mining and production at a time when tensions between the two countries are on the rise. Also Read: New Oil-Rich Middle Eastern Country Extends Support to BRICS BRICS: Secret Metal That Won World War 2 Under China’s Control Source: France24.com / Reuters The secret metal that won World War II is ‘Antimony’ and was a forgotten mineral for over a century. It is now back in usage as it’s a key requirement for modern warfare. BRICS member China controls nearly 50% of the world’s Antimony mining and also 80% of the global Antimony metal production. Also Read: BRICS: India Extends CBDC Payments to New Countries The US is aware of the ...

The BRICS alliance is gaining the support of oil-rich Middle Eastern countries in its aggressive global push towards de-dollarization. The bloc inducted oil exporting nations like the UAE, Egypt, and Ethiopia during the 15th summit in South Africa. It also invited Saudi Arabia to join the group but the Kingdom is yet to officially decline the offer. Also Read: BRICS: Morgan Stanley Predicts the Future of the US Dollar As of 2024, the BRICS alliance controls nearly 30% of all the global oil supply. BRICS received a boost in the arms after it inducted oil-exporting countries into the alliance. It is now looking to take control of the oil and gas sector and push local currencies for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for oil trade. Also Read: BRICS: India Extends CBDC Payments to New Countries BRICS: Oil-Rich Bahrain Extends Support to the Alliance Source: Adobe Stock Oil-rich Middle Eastern country Bahrain ...

In a new twist of events, BRICS member India has confirmed that it will not target the US dollar amid the de-dollarization agenda that has engulfed the global financial landscape. India made it clear that it has no plans to end reliance on the US dollar and will use the currency for trade and transactions where it remains a necessary form of payment. Also Read: BRICS: US Dollar Reserves Fall Below 60% For the First Time Since 1995 The development is a complete U-turn from the BRICS initiative where the alliance is pushing de-dollarization narratives around the world. Sources say that India is unhappy with the narrative pushed by its BRICS counterparts China and Russia. According to sources, India believes China is using BRICS as a stepping stone to strengthen its dominance around the world. Also Read: BRICS: A New World Order in Progress BRICS: India Rejects De-Dollarization, Will Use the US Dollar For Trade Source: Forbes / GettyImages The Foreign Minister of India, S. Jaishankar conf...

The BRICS alliance is planning to create an independent payment system to settle cross-border transactions among member nations. The new payment system will not integrate the US dollar into the mechanism and could settle trade in local currencies. The US dollar could be sent on the path of decline and strengthen the native currencies of developing countries. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: 47 Countries Ready To Join the BRICS Alliance The chances of hyperinflation in the homeland remain high if the US fails to import the dollar across the world. Developing countries are aiming to cut ties with the US dollar in the hopes of toppling it as the world’s reserve currency. The BRICS payment system could be the vehicle that could meet the financial aspirations of developing nations. Also Read: New Country Shows Interest To Join BRICS Before 2024 Summit BRICS Payment System: More Than 50 Countries To Join the ...

The BRICS alliance will invite Palestine to attend the 2024 summit in October. The 16th summit is scheduled to be held in the Kazan region of Russia on October 22 to 24. For the first time, the expanded nine-member alliance will meet at the table to discuss various issues about the economy, trade, and currencies, among others. Also Read: BRICS: No De-Dollarization, Countries Use China When It Suits Them Palestine should be expecting to receive the invitation this month to attend the BRICS 2024. Russia is working towards the process to get the Middle Eastern nation to be a part of the summit. “We have certainly also discussed bilateral relations because we enjoy a very long-standing strategic relationship with Russia,” said Palestine’s leader Mahmoud Abbas. “We have also discussed BRICS and have reached a verbal agreement that Palestine would be invited (2024 summit) in the outreach format,” Abbas stated. Also Read: BRICS No Longer Attaching Importance to...

The global economic landscape is moving towards the danger zone due to global conflicts and various macroeconomic factors. From de-dollarization trends to dumping billions worth of US Treasuries and settling trade in local currencies, the paradigm shift is occurring in real-time. The BRICS alliance is making it worse as it’s involved in all three formats that can cause damage to the US dollar and the stock market. Also Read: BRICS : Feds Acknowledge Sanctions Led To De-Dollarization BRICS kick-started the de-dollarization agenda, dumped US treasuries worth billions, and is also paying local currencies for global trade. This move from BRICS could eventually trickle down on the US economy and could affect the stock market and the dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: 30 Countries Ready To Enter BRICS After 2024 Summit BRICS: Worst US Stock Market Coming in 2 Years, Warns Financia...