Peskov revealed significant progress in national currency usage within the BRICS framework, stating that around 90% of transactions between Russia and other BRICS countries are now conducted in national currencies. This development reflects the bloc's growing efforts to reduce dependence on the U.S. dollar without necessarily seeking to eliminate it entirely. However, latest data from Datanomics reveals that even with this substantial progress, just 4.59% of global trade would have been settled in local currencies in 2025 if all intra-Brics trade were settled in local currencies. The spokesperson also addressed the issue of Russian companies accumulating excess Indian rupees, indicating this matter is being 'gradually' resolved, suggesting that Moscow and New Delhi are working to make their alternative payment arrangements more sustainable.
Despite growing efforts toward local currency settlements, the US dollar's share in global official forex reserves was 56.42% in 2025, according to Datanomics data. While the euro and yen have seen their shares rise since 2016, the renminbi's share has declined since 2021. The 18th Brics Summit in New Delhi on September 12-13 will focus on promoting common alternative cross-border payment mechanisms and increasing local-currency trade settlement to reduce dependence on the US dollar. However, the data suggests that intra-Brics exports nearly quadrupled from $335 billion in 2009 to $1,197 billion in 2025, indicating the bloc's growing economic integration, but still far from challenging US dollar dominance in global trade.
Kremlin spokesperson Dmitry Peskov has categorically rejected the notion that Russia is pursuing formal de-dollarisation, emphasizing that Moscow remains open to any acceptable payment method. His comments came ahead of the BRICS leaders' summit in New Delhi on September 12 and 13, where President Vladimir Putin is expected to meet Indian Prime Minister Narendra Modi. Speaking virtually to Indian reporters, Peskov noted that some countries were using their national currencies as a political tool, without naming any specific country. This stance represents a clear distinction between reducing dollar dependence and completely abandoning the dollar as a policy objective. Russia's de-dollarization push centers on claims that the US and Western allies have weaponized the global financial system, especially the dollar and SWIFT messaging by imposing severe sanctions in the wake of Russia's invasion of Ukraine.
According to multiple reports, Putin will participate in the BRICS summit and is expected to focus on issues including trade, finance, local currency settlements and economic cooperation, alongside security and geopolitical issues. The Russian president will also hold bilateral talks with Prime Minister Narendra Modi on Friday, with trade and economic cooperation expected to form a major part of the discussions. During the BRICS summit, both countries India and Russia are expected to hold talks on trade, security and economy, with cooperation on rare earths exploration widely expected between the two countries. The BRICS summit is likely to focus on greater currency diversification in bilateral trade, particularly between Russia, India and China, while the dollar remains an important part of the global financial system. Russia is likely to use the gathering to demonstrate that sanctions have not prevented it from maintaining substantial economic relationships with major emerging economies.
The possible sale of Russia's Sukhoi Su-57 stealth fighter jet to India remains on the bilateral agenda, as confirmed by Peskov. The Su-57 is Russia's advanced fifth-generation fighter aircraft, and discussions over its potential sale come as India continues to evaluate options for strengthening and modernising its military capabilities. With Putin's visit, trade, payments, defence cooperation, rare earth exploration and broader economic ties are expected to feature prominently in discussions between India and Russia.
