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BRICS member China’s new payment system, Chartered Institute of Procurement & Supply (CIPS), has processed over 175 trillion Chinese yuan payments (equivalent to $24 trillion), according to the latest report from The Economist. Worldwide, over 1,700 banks facilitated the payments as the transactions rose faster than ever in 2024, up by 43% from the previous year. Banks from around the world, including from Turkey, Mauritius, and the BRICS member UAE, facilitated the Chinese yuan payments via CIPS. China recently expanded the CIPS services to Africa and the Middle East, gaining a hold in the markets. All of these are mostly operated by Chinese institutions covering payments in over 33 market sectors. Also Read: China Invests $10B in South Africa, Launching BRICS “Silicon Valley” BRICS: China Powers the Chinese Yuan via CIPS Payments Source: iStock CIPS is a large-scale payment infrastructure primarily for clearing and settling cross-border Chinese yuan payments for banks and financ...

Brazil’s President Lula da Silva convened a virtual meeting with BRICS leaders on Monday. The leaders from the 10-member alliance attended the online discussion in a show of strength. Only India’s Prime Minister Narendra Modi skipped the meet, but it was attended by Foreign Minister S Jaishankar instead. The bloc took a defiant stand against Trump’s tariffs and trade wars in an effort to safeguard its respective economies. In this article, we will highlight the key takeaways from the BRICS virtual meet. Also Read: BRICS Anti-America Strains Rise as JP Morgan Predicts US Dollar Future BRICS Virtual Meet: Key Takeaways Source: brics.tv The BRICS group criticized Trump’s trade policies, but they appeared leery of exacerbating the situation. While they assembled to exercise caution on trade, they steered clear of enraging the ‘America First’ leader. S Jaishankar maintained a balancing act, saying “Increasing barriers and complicating transactions will no...

BRICS tried to convince other countries to ditch the US dollar and use local currencies for oil payments is backfiring. Nigeria took a leaf from its playbook and announced in October that oil refiners in the country would only accept the Nigerian naira to boost their national currency. Oil refiners accepted the government’s mandate and started accepting local currencies for oil deals and cross-border settlements. Also Read: BRICS: Standard Chartered, Deutsche Bank Predict US Dollar’s Future Trouble began immediately as the Nigerian naira depreciated against the US dollar causing losses to all the oil refiners. Nigerian oil firms began showing dissatisfaction with the government’s policies and the unions and lobbies pressured the officials to reverse the mandate, so they could accept the US dollar to keep their company’s revenues and balance sheets in profits. Nigeria is now paying a heavy price in ditching the US dollar and following the BRICS agenda for oil payments. ...

Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This current trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II. Also Read: Goldman Says China to Hit 4.6% Growth After 90-Day Tariff Pause De-Dollarization List of Countries: Key Reasons and Global Impact Source: Watcher Guru As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades. Complete List of Countries Leading De-Dollarization Efforts BRICS and Oil Producers BRICS nations lead the global de-dollarization movement ...

Amid the de-dollarization agenda kick-started by the BRICS alliance, leading American investor and billionaire Warren Buffett hinted at the recent Berkshire Hathaway 60th annual shareholder summit on Sunday, that his investment arm is considering taking entry positions in foreign currencies, and bluntly said that the US dollar could be going to “hell”. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 Warren Buffett issued a warning on the stability of the US dollar, and his statements coincide with the BRICS agenda. “We would not really invest in a currency (US dollar) that is going to hell.” The billionaire added that “a currency’s value can be a scary thing,” especially when governments act without restraint. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: Warren Buffett Questions US Dollar’s Future, Plans to Invest in Local Currencies Source: economictimes.com The ace investor criticized the US fiscal behavior calling it...

The US pressed sanctions on Russia in February 2022 after they invaded and waged war on their neighboring country Ukraine. The sanctions were aimed at stalling Russia’s growth and bringing its overall economy and GDP down. Russia teamed up with the BRICS alliance and the bloc kick-started the de-dollarization agenda to counter the US sanctions. Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System The BRICS bloc rewrote trade deals allowing Russia to send and accept local currencies for trade and cross-border transactions. China, India, and Saudi Arabia made use of the US sanctions and procured Russian oil and discounted prices. Saudi Arabia even brought Russian crude oil for a concession and laundered it all over Europe earning bigger profits. BRICS member India even saved $7 billion in foreign exchange by buying Russia’s crude oil at cheaper prices due to the sanctions. Therefore, the BRICS bloc mostly benefitted from the US sanctions saving an...

Two BRICS countries are closely working towards launching a common currency and sideline the US dollar for trade and transactions. Both the countries are sanctioned and re-sanctioned by the White House this year and their economy is reeling under pressure. Therefore, the duo are finding alternative solutions to keep their respective economy afloat and not go bust as sanctions hit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Russia & Iran Working Towards Launching a Currency to Sideline US Dollar Source: Breaking Defense Kazem Jalali, Iran’s Ambassador confirmed that the Islamic Republic is working closely with its BRICS counterpart Russia to create a new currency to end US dollar dependency. Jalali revealed that the creation of a new currency can uplift Russia and Iran’s economy avoiding reliance on the West. Also Read: BRICS Considers New Financial Options For Trade Settlements “The creation of a new single currency within the...

With both the BRICS economic alliance and the US engaged in a standoff, Goldman Sachs has warned that the geopolitical tension could send oil prices skyrocketing. Indeed, the presence of sanctions and de-dollarization efforts could erupt into greater economic difficulty on a global scale. US President-elect Donald Trump has not minced words regarding his feelings toward the BRICS bloc. He warned the alliance of incoming tariffs in retaliation for its efforts to abandon the US dollar as the world’s currency. Now, the bloc is facing the ongoing warning as it looks to continue navigating the presence of sanctions. Source: BBC Also Read: BRICS Fail to Challenge US Dollar in 2024: Can They This Year? Goldman Sachs Warns BRICS & US Geopolitical Tensions May Affect Oil Prices The past two years have seen the BRICS economic alliance target increased use of the US dollar. Specifically, they have called on the global south to initiate a continued effort to promote the use of local currencie...

The US is considering toughening sanctions on Russia’s oil exports to weaken President Vladimir Putin and the country’s economy. The US could also impose sanctions on its tanker fleet that transports oil to other countries. The restrictive measures from the US could pose a challenge to Russia, which is keeping its economy afloat by selling oil at discounted prices. Also Read: BRICS: India Makes Huge Announcement on New Currency The Biden administration will squeeze the Russian economy just weeks before Donald Trump takes office, reported Bloomberg. The new measures are being worked out to target Russian oil, which will also affect other BRICS countries. BRICS members were buying oil for cheap due to the sanctions and in return helped its economy. BRICS member Russia has been steadily selling its crude oil at cheaper prices to China, India, Saudi Arabia, and other allies. Last year, Saudi Arabia laundered Russian oil all over Europe at marked-down prices. Even the alliance of...

Leading investment bank JP Morgan has analyzed the future of the US dollar amid the BRICS global de-dollarization frenzy. Developing countries are looking to strengthen their native economies by using local currencies for all trade and transactions. This is adding pressure on the USD as it could lose in the supply and demand mechanism in the forex markets. Also Read: BRICS: U.S. Dollar Crisis Could Begin in 2025 Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. JP Morgan published a new report on how long it could take for the US dollar to lose its dominant status against the backdrop of the BRICS de-dollarization agenda. Also Read: Local Currency That Challenged the US Dollar Fails, Dips 40% BRICS De-Dollarization: JP Morgan Predicts How Long the US Dollar Will Be ‘Dominant Currency’ Source: The Financial Technology Expert According to the latest report from JP Morgan, BRICS is successful in initiating the de-dollarization ...

Leading U.S. economist and gold proponent Peter Schiff has warned that the dollar crisis could begin as soon as 2025. The USD is already in a precarious position as developing countries are ending dependency on the currency. This strengthens the BRICS agenda of de-dollarization that could further weaken the U.S. dollar. It’s only a matter of time before things head south that could become a full-blown economic crisis, the analyst explained. According to Schiff, the DXY index, which measures the performance of the U.S. dollar is showing major signs of weakness. Also Read: BRICS: 85% Trade Settled in Local Currencies, Not US Dollar The index tracks the value of the USD against a basket of foreign currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. The index is now at 104.28 and Schiff forecasted that it could dip below the 90 level in 2025. Read here to know how many sectors in the U.S. will be affected if BRICS ditches the d...