Russian Foreign Minister Sergey Lavrov said Monday that the West has degraded the U.S. dollar’s status as a global reserve currency by using it as “a weapon of oppression” against geopolitical adversaries.

“The dollar, which for decades has been advertised to us as the common property of all mankind, has been turned into a weapon of oppression and punishment of geopolitical competitors and simply disobedient ones,” Tass reported him as saying. The Russian official noted:

In doing so, they have essentially written a death warrant for the dollar as a global reserve currency and a means of international settlement.

He claimed that the U.S. and its allies are dismantling the very globalization system they once promoted. Lavrov further highlighted BRICS’ increasing reliance on national currencies. “Everybody wants to create alternative payment mechanisms, interbank settlements with the use of national currencies,” Lavrov explained, adding that during Russia’s BRICS presidency, members have advanced plans for resilient payment systems independent of the dollar.

Russian Deputy Chief of Staff Maxim Oreshkin also emphasized BRICS’ economic influence, emphasizing:

BRICS countries are continuously dominating the global economic growth and are already leaders in the world economy.

Oreshkin attributed this dominance to various factors, with rapid growth observed particularly in South Asia and Africa, including Nigeria and Ethiopia. Lavrov noted that BRICS will continue expanding, as many countries express interest in membership due to the bloc’s growing influence on the global stage. “People in countries of the global East vote primarily for politicians proclaiming their plans to establish closer relations with BRICS one way or another,” Lavrov said, adding that expansion talks are expected to progress in 2025. He also clarified that, while new countries may soon join as partners, certain high-level meetings will remain limited to full members.

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