Russian Foreign Minister Sergey Lavrov has highlighted the growing use of national currencies among BRICS members in place of the U.S. dollar and other Western currencies, and discussed the possibility of a single BRICS currency. In an April 28 interview with Brazilian newspaper O Globo, Russian Foreign Minister Sergey Lavrov emphasized the importance of developing resilient settlement systems, according to a report by Tass. He explained:

We have been working within BRICS to ensure that there are no disruptions when carrying out payments and have been quite effective in our efforts.

He cited a significant shift in Russia’s transactions within the bloc, stating: “To give you an example, the rouble and currencies of our friendly countries accounted for 90% of Russia’s settlements with BRICS countries in 2024.”

Stressing broader economic trends, Lavrov remarked: “No one wants to suffer from sanctions, considering that the West has been imposing them on undesirable countries by exploiting its monopoly on financial markets. Using reserve currencies as a competitive tool is unacceptable. Payment transactions can be blocked for political reasons, even when dealing with supplying socially important goods.” Amid this background, Lavrov pointed to the increasing fragmentation of the global economy as driving nations of the Global South and East toward dedollarization “which is attributable to the lack of trust towards the Western-led international financial institutions.”

BRICS countries are actively constructing a cross-border payment and settlement infrastructure, aiming to expand the use of national currencies and create more autonomous systems free from external political pressures. Lavrov stated that these developments reflect one of the defining global economic movements currently underway.

In addressing the future potential of a common currency within BRICS, Lavrov was cautious, stressing that conditions must first become favorable: “It would be premature to discuss a transition to a single currency for BRICS,” the Russian official stated, adding:

We can come back to the question about a common currency or a single payment unit for BRICS once the necessary financial and economic conditions are in place.

Kremlin spokesman Dmitry Peskov, speaking in January, emphasized that BRICS at present is concentrating on establishing investment platforms in third countries, rather than pursuing monetary union. His comments responded to U.S. President Donald Trump’s warnings of tariffs on BRICS nations if they were to abandon the U.S. dollar.

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