BRICS have reached an agreement to settle international trade transactions in national currencies, challenging the dominance of the US dollar.
Russia is promoting the idea of creating a "multi-currency payment system" to protect member countries from sanctions. However, not all BRICS members are ready to give up the dollar — India and the UAE continue to actively use it in international trade.
Russia hopes that new BRICS members, such as Iran, the UAE, Ethiopia, and Egypt, will support the project. Blockchain technology is being considered for use within this system, utilizing tokens for settlements, which will reduce credit risks.
China also supports de-dollarization, aligning with Russia's interest in reducing dollar dependency in global trade.
