BRICS Bank Fuels Russia’s De-Dollarization Push
De-dollarization efforts are accelerating right now as Russia leverages the BRICS New Development Bank to challenge United States dollar dominance, and BRICS nations are implementing local currency trading systems and also alternative payment mechanisms to reduce dependency on Western financial infrastructure. How BRICS Bank Backs Russia’s Currency Shift From the Dollar System Source: see.news The BRICS New Development Bank serves as Russia’s primary vehicle for advancing de-dollarization initiatives across member nations. This Shanghai-based institution, with an authorized capital of $100 billion, enables infrastructure financing outside traditional United States dollar systems while also supporting currency substitution efforts. Russian presidential aide Yuri Ushakov confirmed the bank’s commitment to Russian projects: “At the moment, the bank approved 21 projects totaling more than $5 billion. Five of these projects will be implemented in Russia .” Also ...