BRICS: Russia Won’t Fully Abandon Dollar, Putin Confirms

In recent remarks, Russian President Vladimir Putin clarified Russia's stance on the U.S. dollar within the BRICS framework, explaining that while Russia is limiting dollar transactions, it doesn’t intend to eliminate the dollar entirely.

He referred to the dollar as a cornerstone of U.S. economic influence, suggesting that the shift to alternative currencies is simply a reaction to evolving global financial trends.

While BRICS continues advancing plans for a unified payment system to decrease dollar reliance, Putin emphasized that Russia’s approach isn’t aimed at rejecting the dollar. Instead, the country is simply adapting to modern economic demands by gradually decreasing its dollar-based transactions.

Meanwhile, the possibility of Donald Trump’s re-election could impact BRICS’ de-dollarization efforts. Trump has warned that he would impose heavy tariffs on nations that move away from the dollar, which could complicate BRICS’ goals. Despite this, BRICS leaders, including Putin, remain committed to diversifying their currency strategies.

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Putin also acknowledged BRICS’ interest in exploring digital currencies like Bitcoin and XRP, though he cautioned that a complete shift to cryptocurrencies is not imminent. The focus for now, he noted, is on strengthening intra-BRICS financial infrastructure and supporting trade through established national currencies.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.