Russian Foreign Minister Sergey Lavrov announced on Monday in Rio de Janeiro that trade between BRICS nations is increasingly shifting away from the U.S. dollar, as national currencies now dominate transactions among the group. Speaking after the BRICS Foreign Ministers Meeting in Brazil, Lavrov revealed:

National currencies already account for more than 65% within the framework of trade among BRICS members. The dollar’s share declined to one third against such background.

Further emphasizing the group’s financial independence, Lavrov shared that discussions about establishing the BRICS Pay system are advancing steadily. He pointed out: “The meeting of BRICS finance ministers and central banks governors was held not long ago, where tasks of forming independent payment systems were reviewed in accordance with the assignment of the Kazan Summit. Our concluding document today notes the need to continue this work. It was assigned to proactively use national currencies in mutual trade.” His comments reflect a concerted effort by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates to build financial infrastructure that minimizes reliance on Western monetary systems.

Lavrov also delivered strong criticism of Western nations, accusing them of undermining global financial stability. He asserted:

The Western minority is shattering the international financial and economic architecture with its own hands.

He emphasized the importance of reforming monetary institutions, particularly calling for an overhaul of International Monetary Fund quotas to better represent emerging economies. Lavrov added: “The majority of delegations stressed in this context the destructive nature of the policy of countries of the collective West… to continue living at the expense of other and use neocolonial practices.”

On expansion, the Russian official stated, “I have no doubt that the expansion process will soon continue,” citing interest from numerous nations and identifying partner countries as top candidates for future membership. With Brazil assuming BRICS’ presidency this year, discussions around enlargement and institutional reform remain at the forefront of the bloc’s agenda.

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