The BRICS group has been firmly committed to a policy of de-dollarization over the past few years, and the alliance recently said that the process is well underway and cannot be stopped. In fact, Russian Foreign Minister Sergey Lavrov discussed the group's stance on the dollar at a press conference.
According to Russian state media, Lavrov said that "Saudi Arabia is considering how to reduce its dependence on the dollar." In addition, Lavrov discussed the EU's own payment system plan. He noted that the project is being developed and "will be proposed at the summit to be held this year."
Source: Dreamstime.com
BRICS reaffirms commitment to ditch dollar globally
In July, Russia and India reached a $100 billion trade deal. The agreement aims to strengthen bilateral relations over the next six years. It also establishes trade in local currencies. This follows a similar deal Russia reached with Iran earlier this year.
The BRICS group is clearly challenging the dollar, with Russian Foreign Minister Sergey Lavrov recently saying that de-dollarization is a process that cannot be stopped. After these meetings and agreements, the group's resolve seems to have hardened.
“Everyone is trying to ensure their own security,” Lavrov said. Referring to the West’s faulty position, he said: “Not long ago there was a leak that ... the United States and the entire West wanted to block Russian funds.” He then revealed that Saudi Arabia was looking for ways to weaken the dominance of the dollar.
Source: Valery Sharifulin (TASS)
“The process of de-dollarization is ongoing and cannot be stopped,” Lavrov said. In addition, he discussed “the idea of creating alternative payment platforms, payment and account settlement mechanisms” at the 2023 summit. In addition, he noted that “the finance ministers and central bank governors of the BRICS countries” are working together on the project.
This year, there have been reports that the BRICS countries are developing a payment system. Iran recently expressed its desire to connect all the central banks of the BRICS countries through this payment system. Such initiatives open the door for the BRICS countries to continue to reduce their dollar activities. This could have a huge impact on the BRICS currencies.
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