BRICS Capitals Sign Moscow Pact, Accelerating De-Dollarization Efforts

BRICS nations have taken a decisive step toward reducing reliance on the US dollar with the signing of the Moscow Pact. The agreement, finalized at the Moscow City Duma on October 28, 2025, unites mayors and parliamentary officials from member capitals including Tehran, marking a strategic shift toward a multipolar world economy.

"This historic agreement counters the unilateralism of the U.S. and the West," stated Mehdi Chamran, Chairman of Tehran City Council, during the signing ceremony. The pact represents more than symbolic posturing—it institutionalizes concrete mechanisms for bypassing Western-dominated financial systems through local currency settlements and alternative payment infrastructures.

The move comes as BRICS expands its membership to include Iran and other nations, creating an economic bloc representing over 45% of global population. Market analysts note such geopolitical shifts typically drive institutional interest toward decentralized assets like Bitcoin and ethereum as hedges against currency realignments.