Will the BRICS expansion significantly speed up de-dollarization? The short answer is: likely, yes. As more and more countries join the ranks of BRICS partners, the transition to settlements in local currency or third-party currencies in mutual trade will increase significantly, thereby accelerating the global shift away from the US dollar. The expansion of BRICS and its de-dollarization efforts carry significant implications for the United States over the next two decades. A concerted move by BRICS nations to bypass the dollar in international trade could erode its dominance, reshaping global financial power dynamics.
Underlining this, Russian Finance Minister Anton Siluanov noted at the BRICS ministerial meeting in April 2025: “This pushes us to the need to speed up work in the following areas: the use of..." This urgency highlights the commitment within BRICS to actively reduce reliance on the dollar. The growing BRICS alliance is poised to foster economic cooperation outside the established dollar-centric system.
Analysts believe that as BRICS expands, incorporating nations eager to diversify their trade dependencies, the demand for alternative payment systems will surge. This, in turn, will further fuel de-dollarization efforts. The increasing use of local currencies within the BRICS framework, as highlighted on , signals a tangible step towards a multi-polar financial world. The transition to settlements in local currency or third-party currencies in mutual trade will increase significantly, as reported on , confirming the ongoing shift. Ultimately, BRICS expansion is a key catalyst for a faster de-dollarization process globally.