Russian Foreign Minister Sergey Lavrov recently announced that 67% of trade within the BRICS bloc is now carried out using national currencies — a dramatic departure from previous norms.

This revelation confirms that de-dollarization is no longer a theoretical goal but an active economic transition, methodically implemented by some of the world’s most influential emerging economies.

Lavrov emphasized that this shift is made possible by the growing economic strength of the BRICS coalition, which now collectively surpasses the G7 in GDP. With this leverage, BRICS nations are well-positioned to rewrite global trade standards on their own terms.

However, Lavrov also acknowledged a key challenge: reducing dollar dependence is not enough — BRICS must also identify viable alternatives to fill the void. The most prominent substitute so far is the Chinese Yuan, which now accounts for 24% of intra-BRICS trade settlements, underscoring China's expanding influence in international finance.

Building a New Financial Infrastructure

Beyond trade, BRICS is constructing a parallel financial infrastructure to further diminish reliance on the dollar and traditional Western systems.

During a recent ministerial meeting, the bloc reaffirmed its commitment to "strengthen the use of local currencies in trade and financial settlements with BRICS partners."

This includes the expansion of internal development banks and alternative funding mechanisms that allow BRICS countries to finance infrastructure and growth without Western financial institutions.

Crucially, BRICS is also exploring digital currencies and blockchain-based settlement systems, with active discussions around the creation of a common stablecoin or digital currency to streamline cross-border transactions.

The Rise of a Multipolar Financial Order

All these initiatives reflect a broader ambition: to usher in a multipolar global financial system that operates independently of U.S. geopolitical pressures and dollar volatility.

BRICS’ growing financial autonomy is already drawing interest from other emerging markets seeking to diversify their reserves and trade relationships.

As more nations consider joining or aligning with BRICS, the potential for a more balanced international monetary system increases.

With the 2025 BRICS summit on the horizon, the world is watching closely. The bloc’s bold economic strategy could profoundly reshape the global monetary landscape, signaling the decline of dollar hegemony and the rise of a fragmented, multipolar financial era — one where Washington’s influence is no longer absolute, and new power centers emerge across the Global South.