Russia conducts about 90% of its payments and transactions with BRICS countries in national currencies. Russian presidential press secretary Dmitry Peskov made the statement on September 8 during a briefing for Indian media.
According to the Kremlin representative, Moscow continues to expand the use of national currencies in settlements with its BRICS partners. Peskov stressed that Russia does not view this process as an end in itself or as a policy aimed solely at abandoning the dollar.
“About 90% of our payments and transactions with BRICS countries are conducted in national currencies,” Peskov said.
He noted that Russia is prepared to use various payment instruments if they are convenient and accessible to the parties involved in trade. However, the restrictions imposed on Russia have significantly reduced the possibilities for using traditional Western financial mechanisms.
Peskov linked the increase in settlements in national currencies in part to the use of the dollar and other Western currencies as instruments of sanctions pressure.
Against this backdrop, Russia and its trading partners have increasingly used the ruble, yuan, rupee and other national currencies for international settlements in recent years.
Important clarification
Peskov’s statement primarily concerns Russia’s settlements with BRICS countries, not 90% of all trade between all members of the grouping. This clarification is important because the wording that “BRICS countries conduct 90% of their transactions in national currencies” could create the impression that the figure refers to all intra-bloc trade.
Expanding settlements in national currencies remains an important area of economic cooperation within BRICS, particularly amid sanctions against Russia and efforts by several countries to reduce international trade’s dependence on Western financial infrastructure.
