BRICS: Russia Doubles Gold & Foreign Currencies To Uproot US Dollar. The BRICS nations are strategically challenging the US dollar's global dominance, with Russia leading the charge by significantly increasing its gold and foreign currency reserves. Vinod Dsouza offers insightful analysis on this developing economic landscape.

The strategy adopted by the BRICS embodies a significant opposition to the monetary dominance exerted by the United States. Through gold, these nations demonstrate a clear intention to diversify away from the dollar and establish economic independence. This move is further amplified by the fact that BRICS is the largest buyer of gold in 2025 as members accumulated tons of the precious metal.

A key component of this strategy is the development of alternative payment systems. Russia’s finance ministry and central bank released a statement outlining plans for The BRICS Cross-Border Payment Initiative (BCBPI) which will use national currencies, instead of the US dollar, for international transactions. This initiative aims to bypass the US-controlled financial system, providing BRICS nations with greater economic autonomy.

Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. While the long-term effects remain to be seen, Russia's doubling down on gold and foreign currencies signals a determined effort to challenge the US dollar's position as the world's primary reserve currency and reshape the global financial order.