Under Trump’s shadow, Brics takes step towards de-dollarisation

Live updates

1. 7d ago

   BRICS Sends Mixed Signals on De-Dollarization and Western Ties

   BRICS continues to reshape global trade by quietly advancing policies that threaten U.S. purchasing power and retirement savings, even as member states send mixed signals regarding the use of the U.S. dollar in cross-border transactions. Russian Ambassador to India Denis Alipov stated at the NDTV Defense Summit that the bloc is not anti-Western and does not promote an agenda against the West. Meanwhile, analysts warn that declining global demand for the dollar could impact financial markets, reflecting ongoing internal debates within the coalition over how aggressively to challenge the existing Western-led financial system.

   Why it matters

   The bloc previously convened eleven member states in New Delhi under India's chairship for the 18th BRICS Summit. During that meeting, leaders adopted the New Delhi Declaration to promote local currencies and efficient cross-border payments while coordinating policies against unilateral tariffs, sanctions, and current global financial governance. These economic maneuvers unfold amid intense geopolitical friction across Eurasia and the Middle East.

   What is confirmed

   • Russian Ambassador to India Denis Alipov confirmed at the NDTV Defense Summit that BRICS is not anti-Western.
   • Russia and China are sending mixed signals regarding the usage of the U.S. dollar in cross-border transactions.
   • BRICS de-dollarization efforts are reshaping global trade and threatening U.S. purchasing power and retirement savings.

   Still unconfirmed

   • BRICS has entirely dropped its de-dollarization agenda.

   What to watch next

   • Official clarification from Beijing and Moscow regarding their stance on cross-border dollar usage.
   • Further policy declarations from BRICS member states regarding trade settlement mechanisms.
   Sources used for this update (4)

   1. internationalviewpoint.org — International Viewpoint - online socialist magazine
   2. bitnewsbot.com — BRICS Drops De-Dollarization, Vows Not Anti-Western
   3. www.itmtrading.com — The Dollar’s Biggest Threat Is Already Here - ITM Trading
   4. three.ws — Has BRICS Officially Abandoned De-Dollarization? (Watcher ...
   confidence 80%
2. 10d ago

   BRICS Advances De-Dollarization Agenda at New Delhi Summit

   Eleven member states convened in New Delhi under India's chairship for the 18th BRICS Summit, adopting the New Delhi Declaration to advance an economic agenda centered on local currencies and efficient cross-border payments. The bloc's policy coordination targets unilateral tariffs, sanctions, and the existing governance of the global financial system while avoiding explicit anti-Western rhetoric. This gathering occurs alongside intense geopolitical friction across Eurasia and the Middle East, with the bloc attempting diplomacy amid the Russia-Ukraine war and rising Iran-US-Israel tensions.

   Why it matters

   The summit marks a notable push by emerging markets to reshape structural reliance on the US dollar without triggering direct confrontation. Global financial markets and central banks closely monitored the meetings for shifts in international payment architectures. The grouping continues to balance internal economic coordination with broader geopolitical crises spanning the Middle East and Eurasia.

   What is confirmed

   • Eleven member states gathered under India's chairship for the 18th BRICS Summit in New Delhi.
   • Leaders adopted the New Delhi Declaration during the summit.

   Still unconfirmed

   • The BRICS bloc attempted to broker diplomacy and manage peace amidst the Russia-Ukraine war and Iran-US-Israel tensions during the summit.

   What to watch next

   • Implementation details for local currency cross-border payment mechanisms
   • Follow-up statements by central banks regarding reliance on the US dollar
   Sources used for this update (3)

   1. www.wionews.com — Two fronts, one stage: Russia-Ukraine and West Asia crises ...
   2. southasianherald.com — The 18th BRICS Summit: De-Dollarization Without Confrontation
   3. southasianherald.com — Will the BRICS Summit Move Towards De-Dollarization?
   confidence 100%
3. 13d ago

   BRICS Advances Local Currencies and Payments in New Delhi Declaration

   BRICS leaders adopted the New Delhi Declaration on Saturday, advancing an economic agenda focused on efficient cross-border payments, resilient energy flows, and greater reliance on local currencies. The ten-member bloc challenged unilateral tariffs, sanctions, and the governance structure of the global financial system during the summit. While the declaration condemned unilateral tariffs without directly naming the United States, the policy coordination reflects ongoing efforts by emerging markets to alter the structural necessity of the US dollar. Member states also maintained a softer stance by avoiding explicit anti-Western rhetoric during the meetings.

   Why it matters

   The alliance comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. This economic push unfolds as India concurrently balances trade negotiations with Washington alongside its existing diplomatic ties with Russia and Iran. The bloc stops short of building a direct rival financial system despite challenging the current US-led economic order.

   What is confirmed

   • BRICS leaders adopted the New Delhi Declaration on Saturday.
   • The New Delhi Declaration focuses on efficient cross-border payments, greater use of local currencies, and resilient trade and energy flows.
   • The BRICS declaration condemned unilateral tariffs without naming the US.
   • The 10 member states of BRICS are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

   Still unconfirmed

   • India risked its US trade deal despite adopting a softer stance at BRICS.

   What to watch next

   • Implementation milestones for the cross-border payment systems outlined in the New Delhi Declaration
   • Bilateral trade adjustments between India and the United States amidst ongoing tariff negotiations
   Sources used for this update (4)

   1. www.scmp.com — Brics: Latest News and Updates | South China Morning Post
   2. www.wionews.com — Did India risk its US trade deal despite softer stance at BRICS?
   3. edgeconsultancykw.com — BRICS New Delhi Declaration Pushes Cross-Border Payments ...
   4. southasianherald.com — BRICS Challenges U.S.-Led Economic Order, but Stops Short ...
   confidence 90%
4. 21d ago

   BRICS Denies Anti-Western Agenda as Alliance Pushes Local Currencies

   The BRICS alliance maintains that its transition toward local currencies does not stem from opposition to the US dollar. Russian Ambassador to India Denis Alipov stated at the NDTV Defense Summit that member states avoided anti-Western rhetoric during their September summit in India and did not push policies through an anti-Western agenda. This policy coordination by Brazil, India, China, and other bloc members aims to alter the structural necessity of the US dollar, which currently commands 57.1% of global reserves.

   Why it matters

   Prior efforts by member states to reduce reliance on American financial systems focused particularly on energy trade between China and Russia. The bloc now targets a gradual shift toward local currencies in international trade and commerce. This ongoing economic policy coordination among member nations raises questions regarding future central bank demand and potential impacts on gold.

   What is confirmed

   • Russian Ambassador to India Denis Alipov confirmed at the NDTV Defense Summit that the BRICS alliance is not opposed to the US dollar.
   • Denis Alipov stated that no member nation spoke in an anti-Western tone or promoted an anti-Western agenda at the September summit in India.
   • BRICS nations previously agreed to a gradual transition away from the US dollar toward local currencies in international trade and commerce.
   • The US dollar commands 57.1% of global reserves.

   Still unconfirmed

   • BRICS policies regarding fewer dollars could lead to increased central bank demand for gold.

   What to watch next

   • Specific implementation timelines for local currency trading among BRICS member states.
   • Central bank gold acquisition reports following the push to use fewer US dollars.
   Sources used for this update (3)

   1. dinarrecaps.com — BRICS Not Opposed To the US Dollar, Confirms Diplomat
   2. www.usmoneyreserve.com — What BRICS’ push to use fewer dollars could mean for gold
   3. economictimes.indiatimes.com — de dollarization: Latest News & Videos, Photos about de ...
   confidence 90%
5. 25d ago

   BRICS Block Agrees to Slow Shift Away From US Dollar

   BRICS nations have formally agreed to a gradual transition away from the US dollar in international trade and commerce, targeting a shift toward local currencies. This initiative builds on prior efforts by member states to reduce reliance on American financial systems, particularly in energy trade between China and Russia. While the US dollar still commands 57.1% of global reserves, the current policy coordination among Brazil, India, China, and other bloc members aims to transform dollar dominance from a structural necessity into an optional mechanism.

   Why it matters

   The push for de-dollarization is reinforced by external pressures, including US threats to impose a 10% tariff on nations aligning with anti-American policies. By fostering trade facilitation and information sharing, the bloc seeks to insulate domestic economies from western sanctions. The strategy focuses on incremental changes rather than an abrupt replacement of the global currency standard.

   What is confirmed

   • BRICS nations have agreed to gradually shift away from the US dollar in international trade and commerce.
   • The US dollar maintains 57.1% of global reserves.

   Still unconfirmed

   • US threats of a 10% tariff on countries aligned with anti-American policies are driving Brazil, India, and China closer together.

   What to watch next

   • Implementation timelines and specific mechanisms for local currency trade settlements among BRICS members.
   • Official responses from US financial regulators and trade officials regarding the de-dollarization agreement.
   • Potential announcements concerning the 10% tariff policy targeting aligned nations.
   Sources used for this update (2)

   1. guavy.com — BRICS Nations Pursue Gradual Shift Away From US Dollar
   2. www.brics-info.org — trade facilitation – BRICS Information Sharing & Exchanging ...
   confidence 85%
6. 27d ago

   BRICS Pursues Gradual De-dollarization Amid US Tariff Threats

   BRICS nations are shifting trade to local currencies to reduce reliance on the US dollar, specifically within energy transactions between China and Russia. While the dollar maintains 57.1% of global reserves, the bloc seeks a gradual transition rather than an immediate replacement. Recent US threats of a 10% tariff on countries aligned with anti-American policies are reportedly driving Brazil, India, and China closer together. This movement aims to transform dollar usage from a structural necessity into a choice for member states.

   Why it matters

   The US dollar has held structural hegemony over international trade and sovereign debt for over eight decades. BRICS members are now diversifying reserves into gold, silver, and Bitcoin to hedge against sanctions. These shifts reflect a broader push for inclusive multilateralism in economic growth.

   What is confirmed

   • BRICS aims to decrease reliance on the US dollar by facilitating trade in national currencies among member countries.
   • The US dollar currently dominates 57.1% of global reserves.

   Still unconfirmed

   • US trade pressure on Brazil, India, and China is pushing the nations closer together.

   What to watch next

   • Implementation of proposed 10% US tariffs on BRICS-aligned nations.
   • Formal adoption of a common BRICS currency.
   Sources used for this update (4)

   1. www.brics-info.org — EN – BRICS Information Sharing & Exchanging Platform
   2. www.omanobserver.om — BRICS seeks gradual shift from dollar to local currencies
   3. nationalrevealed.com — BRICS is loosening the $ grip on the world - National Revealed
   4. www.wionews.com — BRICS Summit 2026: Trump wants to weaken BRICS, but maybe ...
   confidence 80%
7. 31d ago

   BRICS Advances De-Dollarization Amid Rising Geopolitical Tensions

   BRICS nations are advancing steps toward de-dollarization as geopolitical tensions and sanctions threats intensify. Countries are quietly diversifying away from the U.S. dollar, with reserve flows moving toward gold, silver, and Bitcoin while trade is increasingly settled in local currencies. Analysts note that the future of de-dollarization centers on building a system where utilizing the dollar becomes a choice instead of a necessity, moving away from more than eight decades of structural hegemony in international trade, foreign exchange reserves, and sovereign debt issuance.

   Why it matters

   The United States dollar has maintained structural hegemony over international trade, foreign exchange reserves, and sovereign debt issuance for more than eight decades following the 1944 Bretton Woods agreement. While the path away from Western domination and dollar monopoly is fraught with challenges, it no longer appears impossible as traders reassess major currency pairs and explore alternatives.

   What is confirmed

   • The United States Dollar has held structural hegemony over international trade, foreign exchange reserves, and sovereign debt issuance for more than eight decades since the 1944 Bretton Woods agreement.
   • Countries are diversifying away from the U.S. dollar as geopolitical tensions and sanctions threats intensify.
   • BRICS nations are settling more trade in local currencies.

   Still unconfirmed

   • Gold, silver and Bitcoin are attracting reserve flows as traders reassess EUR/USD and other currency pairs amid the de-dollarization trend.

   What to watch next

   • Further expansion of local currency trade settlements by BRICS members
   • Shifts in reserve flows toward gold, silver, and Bitcoin
   • Evolution of alternative payment systems that make using the U.S. dollar a choice rather than a necessity
   Sources used for this update (5)

   1. www.livelaw.in — Beyond Dollar Monopoly: Decoding BRICS De-Dollarization ...
   2. www.fxempire.com — De‑Dollarization: How Safe Havens, BRICS and FX Markets Are ...
   3. indiawest.com — Trump’s BRICS Tariff Boast “Almost Nobody Showed Up ...
   4. zeenews.india.com — Opinion: BRICS and de-dollarisation - A challenge without ...
   5. www.thedailystar.net — The perilous path from Western domination to de-dollarisation
   confidence 100%
8. 32d ago

   BRICS pushes de-dollarisation, reforms global finance

   BRICS nations are urging reform of global development financial institutions, including the IMF and World Bank, while advancing steps toward de-dollarisation. India has ruled out a shared BRICS currency, supporting instead trade settled in local currencies and digital currency plans for cross-border payments. The Delhi Declaration emphasizes practical cooperation, zero tolerance for terrorism, and disrupting terror financing.

   Why it matters

   The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, aims to reduce dollar dependence through enhanced payment choices and national currency use. This move is seen as a response to US President Donald Trump's criticism of the bloc, including threats of 100% tariffs on countries seeking to replace the US dollar.

   What is confirmed

   • BRICS nations support trade settled in local currencies. (economictimes.indiatimes.com, www.scmp.com)
   • India has explicitly ruled out a shared BRICS currency proposal. (economictimes.indiatimes.com, www.caalley.com)
   • The Delhi Declaration emphasizes zero tolerance for terrorism and disrupting terror financing. (economictimes.indiatimes.com)
   • US President Donald Trump has repeatedly targeted BRICS over de-dollarisation, threatening 100% tariffs. (www.wionews.com)

   Still unconfirmed

   • The India–European Union Free Trade Agreement is seen as a $27-trillion act of economic self-defence. (www.udayindia.in)

   What to watch next

   • The New Development Bank's response to de-dollarisation challenges
   • Further progress on interoperable payment systems
   • The impact of US trade policies on BRICS nations
   Sources used for this update (12)

   1. www.scmp.com — Global South
   2. www.scmp.com — United Arab Emirates (UAE)
   3. www.scmp.com — Narendra Modi
   4. michaelharrison.org.uk — An alternative view of the world – 2026 – updated September 25
   5. michaelharrison.org.uk — The Republic of Cuba - Left side of the road
   6. www.wionews.com — Trump vs BRICS: From 100% tariff threat to 'little group ...
   7. www.youtube.com — Trump Shocked as India Pushes BRICS De-Dollarization | Dollar ...
   8. economictimes.indiatimes.com — de dollarisation efforts: Latest News & Videos, Photos about ...
   9. economictimes.indiatimes.com — de dollarisation: Latest News & Videos, Photos about de ...
   10. www.brics-info.org — Can BRICS Say Goodbye to the Dollar? – BRICS Information ...
   11. www.udayindia.in — BRICS Tests De-Dollarisation! India–EU FTA, Post US Trade ...
   12. www.caalley.com — 'Not part of financial agenda': India reaffirms stance on de ...
   confidence 80%
9. 47d ago

   Brics Pushes De-Dollarisation Under Trump's Shadow

   BRICS finance chiefs are urging urgent reform of global development financial institutions, including the IMF and World Bank, while pushing steps toward de-dollarisation. Discussions among finance track officials focus on boosting cross-border links for payment systems and advancing local currency trade settlements rather than introducing a single common currency. India has explicitly ruled out a shared BRICS currency proposal while supporting trade settled in local currencies and deploying digital currency plans to ease cross-border payments.

   Why it matters

   The economic bloc is navigating its de-dollarisation strategy carefully as it operates under Trump's shadow. By targeting international financial governance and expanding alternative payment rails, members aim to reduce reliance on Western-dominated financial infrastructure. Divergent national positions, particularly India rejecting a unified currency, show the bloc is prioritizing practical cross-border mechanisms over monetary union.

   What is confirmed

   • BRICS finance chiefs have urged urgent reform of global development financial institutions including the IMF and World Bank.
   • India has ruled out a BRICS currency proposal while backing local currency trade settlements.

   Still unconfirmed

   • India is deploying a specific digital currency plan to ease cross-border payments for Africa's three BRICS economies.

   What to watch next

   • Further announcements from BRICS finance track talks regarding cross-border payment system links.
   • Official responses from the IMF and World Bank regarding institutional reform demands.
   Sources used for this update (7)

   1. South China Morning Post — Under Trump’s shadow, Brics takes step towards de-dollarisation
   2. Reuters — BRICS finance chiefs urge reform of global development financial institutions
   3. Financial Times — Booming Brics payments systems seek more cross-border links
   4. Business Insider Africa — Inside India’s digital currency plan to ease cross-border payments for Africa’s 3 BRICS economies
   5. Bloomberg.com — BRICS Finance Chiefs Call for Urgent IMF, World Bank Reform
   6. The Times of India — India rules out Brics currency proposal, backs local currency trade settlements
   7. The Hindu — BRICS treads carefully on de-dollarisation: Finance track talks payments, not a common currency
   confidence 90%