Headline: BRICS push away from the dollar accelerates — Russia says 60% of trade settled in local currency, ruble payments hit record highs
A BRICS member — Russia — has announced that roughly 60% of its foreign trade is now being settled in its own currency rather than the US dollar, underscoring a broader shift toward local-currency trade among emerging economies. The move, which has gained momentum since 2022 amid sanctions and geopolitical friction, is reshaping cross-border payments and challenging dollar dominance.
What’s new
- Moscow reported a new high in ruble-denominated settlements in February 2026, continuing a trend of rising use of local currencies for trade that predates recent US administrations and has persisted through both the Biden and Trump eras.
- The share of trade settled in rubles is up from about 54.2% in 2025, signaling a multi-year push to reduce reliance on the dollar and strengthen domestic economic resilience.
Regional breakdown (February 2026)
- 54% of imports from Asian countries were paid in rubles (up from 49.9% in January).
- Ruble-denominated payments for imports from the Americas: 70%.
- From Africa: 82%.
- From European countries: 69.3%.
Why it matters
BRICS members — notably Russia, China, and India — have been actively promoting the international use of their national currencies to boost GDP and support homegrown business flows. The trend is also lifting the use of other local currencies, like the UAE dirham, which has seen increased adoption in certain corridors.
For crypto observers
The move away from dollar-only settlement highlights a growing search for alternative payment rails and store-of-value options. That broader diversification trend could increase interest in crypto-native solutions and stablecoins as complementary cross-border instruments, even as nation-states push local-currency settlement.
Bottom line
The rising share of local-currency trade settlements, led by BRICS players, marks a notable shift in global payments architecture. Whether this trend will substantially erode dollar hegemony remains to be seen, but it already alters trade dynamics and creates new strategic and market opportunities — including within digital-asset and payments ecosystems.
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