BRICS De-Dollarization Efforts Stall Amid Dollar Dominance and Policy Divergence

The BRICS bloc's ambitious de-dollarization agenda remains fragmented as member nations struggle to align their economic priorities. Despite vocal support for reducing reliance on the US dollar, which still accounts for over 60% of global trade transactions, progress toward a unified alternative has stalled. Key players like Russia, India, and Brazil maintain divergent positions on currency solutions, revealing fundamental cracks in the coalition's strategy.

Russian President Vladimir Putin acknowledged the challenges during recent remarks, while India's External Affairs Minister S. Jaishankar reiterated New Delhi's cautious approach. Brazil's Celso Amorim underscored the bloc's lack of consensus, describing de-dollarization as a long-term process rather than an immediate goal. These policy divisions occur against the backdrop of sustained dollar strength in global markets, complicating efforts to expand local currency trade.