BRICS 2026: Russia says over 90% of Russia-BRICS trade settled in national currencies

Kremlin spokesperson Dmitry Peskov, speaking at the Sputnik India briefing, said that more than 90 per cent of the transactions between Russia and the BRICS countries are settled in their national currencies. He added that Moscow is not seeking de-dollarisation but accused some countries of using their currency as a political instrument.

"We are not pursuing the goal of de-dollarisation. On the contrary, we are open to any possible payment method," Peskov said. He added that since the US does not allow Russia to use their currency, they use their own currency.

“Since they don’t allow us to use their currencies, we use our own,” said Peskov, arguing that payment in national currencies is beneficial for all.

Since the Russian invasion of Ukraine in 2022, Russian banks like VTB, Bank Rossiya, and Promsvyazbank have been cut off from the SWIFT network. Roughly $300 billion of Russia's foreign exchange reserves were frozen in the US and European countries' accounts. The US Treasury also imposed a ban on the Moscow Exchange and its national clearing centre. They effectively tried to cut Russia out of the global financial system. It made other countries anxious about potential vulnerability in the US-dominated global financial order. Even though the concept of de-dollarisation has been around for a long time, it started to amplify since 2022.

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Russia's statement indicates it is not directly pushing for de-dollarisation ideologically but implying that national currency settlements are a practical response to sanctions.

Peskov also announced the creation of a BRICS grain exchange program, which can contribute to global food security. Russia said that it is continuing its dialogue with the countries concerned.

His comments came ahead of the BRICS leaders' summit in New Delhi on September 12 and 13, where President Vladimir Putin is expected to meet Indian Prime Minister Narendra Modi. Peskov said that Putin and Modi share very close contact and discuss almost all sensitive issues together.

Peskov also added that Russia 'highly appreciates' India's BRICS Chairmanship and said that the summit is expected to be successful.