Russia clarifies de-dollarisation perspective

Russia has eased de-dollarisation fears by clarifying that the country does not seek to end the use of the US dollar and is open to every payment method.

Russia has eased de-dollarisation fears by clarifying that the country does not seek to end the use of the US dollar and is open to every payment method.

The Kremlin’s statement comes days before Russian President Vladimir Putin is set to participate in the BRICS leaders’ summit in New Delhi on September 12-13.

According to Kremlin spokesperson Dmitry Peskov, around 90 percent of transactions between Russia and BRICS nations now take place in national currencies. He also claimed that some countries are using national currencies as political instruments.

During the BRICS summit, India and Russia are expected to hold talks on trade, security and the economy. Cooperation on rare earths exploration is also widely expected between the two countries, Peskov added.

“The issue of Russia selling its Sukhoi Su-57 stealth fighter jet to India is on the bilateral agenda,” Peskov said.

Russia’s de-dollarisation push centres on claims that the US and its Western allies have weaponised the global financial system.

Moscow frequently frames its push towards alternative payment systems not as a hostile attempt to completely undermine or eliminate the US dollar, but as a necessary defensive measure against the backdrop of sanctions and payment-related issues.

BRICS includes Brazil, Russia, India, China, South Africa, as well as Ethiopia, Egypt, Indonesia, Iran and the UAE.