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Russia’s Foreign Minister, Sergey Lavrov confirmed that BRICS has paid more than 65% of trade settlements among member countries in local currencies and not the US dollar. Only around one-third of all trade payments were settled in the US dollar, the minister added. The greenback is declining while local currencies are filling in the void in the forex markets. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 The significant drop in the usage of the US dollar is alarming as BRICS is primarily using local currencies for cross-border transactions. The US dollar stands at a pivotal time in history where its dominance is being challenged by developing countries. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: 65% of Trade Among Members Settled in Local Currencies Source: iStock The dollar’s share in trade settlements is dropping massive...

Russia’s President Vladimir Putin has confirmed that 35 new countries will participate in the upcoming BRICS summit. The 16th summit is scheduled to be held in the Kazan region of Russia from October 22 to 24. The nine-member alliance will discuss de-dollarization, rewrite trade policies, and prefer local currencies for cross-border transactions. Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar Over 35 countries have confirmed their participation in the upcoming BRICS Summit in Russia. pic.twitter.com/AJOaX2C1bb — BRICS News (@BRICSinfo) October 16, 2024 Read here to learn how many sectors in the US will be affected if BRICS ditches the dollar for trade. Several developing countries are finding the de-dollarization initiatives lucrative, as using local currencies will boost their native economies. This development puts the US dollar on the path of decline, as ending reliance on the currency will lead to deficits. Also Read: Donald Trump Makes Huge An...

Former President Donald Trump on the ballot in November against Kamala Harris spoke about the BRICS de-dollarization agenda. Trump minced no words during the economic forum saying that countries that stop using the US dollar for trade will face severe consequences. Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar JUST IN: Donald Trump says he will put 100% tariffs on countries abandoning the US dollar as world reserve currency. pic.twitter.com/kDKcyiLPos — Watcher.Guru (@WatcherGuru) October 15, 2024 The consequences include facing a 100% tariff on all goods that enter the US. The move will force the BRICS alliance to abandon the de-dollarization prospects and use the US dollar for payments as that’s the cheaper offer. Ending reliance on the US dollar would add a 100% tariff that would prove to be a costly method to do business. Also Read: BRICS Advances ‘Multicurrency System’ To Break US Dollar Dominance “If a country tells me, Sir we like yo...