Overview
- Kremlin spokesman Dmitry Peskov told journalists that BRICS is “against no one” and confirmed that more than 90% of Russia’s transactions with BRICS partners are now settled in national currencies.
- Russia says the change is practical, not ideological, and results from measures that restricted its use of the dollar and euro, including SWIFT exclusions and freezes of foreign reserves.
- Peskov rejected a coordinated campaign to ‘de‑dollarise’ while saying Moscow remains open to any payment method and blaming U.S. use of the dollar for sanctions for eroding confidence in the currency.
- As part of deeper cooperation, Peskov announced a proposed BRICS grain exchange intended to boost commodity trade and contribute to global food security ahead of the New Delhi summit.
- If national‑currency settlements persist, experts say the move could reshape trade finance and reserve patterns over time, so delegates will focus on payment mechanisms and institutional steps at the Sept. 12–13 summit.