MWE Correspondent
Russian Foreign Minister Sergey Lavrov says 97% of Russia’s trade with countries and blocs including BRICS, the Shanghai Cooperation Organisation (SCO) and the Eurasian Economic Union is now conducted using national currencies.
Speaking about efforts to reduce dependence on the U.S. dollar, Lavrov said countries have developed multiple options for conducting international trade without relying heavily on the dollar-dominated financial system.
“97% of all our trade within BRICS, the SCO, the Eurasian Economic Council, and others is done in national currencies,” Lavrov said.
He argued that the growing use of national currencies demonstrates that countries have alternatives to the traditional international payment system and can expand economic cooperation without making the dollar the central instrument for cross-border transactions.
Lavrov also accused Western powers of using the dollar as a tool of political and economic pressure, saying there are “lots of options” available to prevent the currency from being used for what he described as “blackmailing and oppression.”
The remarks come as Russia and other BRICS members continue efforts to strengthen financial cooperation and increase the use of national currencies in international trade.
Read More: Russia Restructures Trade As Dollar, Euro Use Plunges
Moscow has accelerated its move away from the dollar and euro following Western sanctions imposed on Russia, particularly after the escalation of the Ukraine conflict. The restrictions have encouraged Russian businesses to expand settlements using currencies such as the Chinese yuan and other national currencies.
The issue has also become an increasingly important part of discussions within BRICS, where member states have explored ways to make cross-border payments more efficient while reducing exposure to Western-controlled financial systems.
Lavrov’s comments reinforce Moscow’s broader argument that the global economy is moving toward a more multipolar financial system in which multiple currencies play a greater role.
However, the U.S. dollar remains the dominant currency in global trade and finance, meaning any major shift away from it would likely take considerable time and require deeper financial cooperation among emerging economies.
For Russia, the sharp increase in national-currency settlements represents a major transformation in its international trade strategy and reflects Moscow’s growing economic ties with non-Western partners.
