BRICS Accelerates De-Dollarization as Russia-India Trade Hits 90% Local Currency Settlement

Russia now conducts 90–95% of its trade with China and India in local currencies, marking a seismic shift in global payment flows. First Deputy Prime Minister Denis Manturov confirms the dollar’s near-total absence in India-Russia transactions, with bilateral trade reaching $68 billion in 2024—a sevenfold increase over five years.

The BRICS bloc’s coordinated de-dollarization strategy gains momentum as alternative payment mechanisms mature. Moscow’s pivot to rupee and yuan settlements reflects both Western sanctions pressure and long-term geopolitical realignment. 'Seamless mutual payments are now imperative,' Manturov stated, underscoring the operational challenges of bypassing traditional dollar clearing.

This currency realignment coincides with rising institutional interest in crypto assets as neutral settlement layers. Bitcoin and ethereum volumes spiked 18% on Moscow Exchange last quarter, while stablecoins like Tether increasingly facilitate cross-border commodity trades.