National currencies accounted for 90% of Russia’s settlements with BRICS nations last year, Russian Foreign Minister Sergey Lavrov said in an interview with the Brazilian newspaper O Globo.
"We have been working within BRICS to ensure that there are no disruptions when carrying out payments and have been quite effective in our efforts. To give you an example, the rouble and currencies of our friendly countries accounted for 90% of Russia’s settlements with BRICS countries in 2024," Lavrov said.
Against the backdrop of an accelerating trend in the fragmentation of the global economy, it is quite natural for the countries of the Global South and East to reduce the share of Western currencies in their mutual settlements, the FM noted.
"Using reserve currencies as a competitive tool is unacceptable. Payment transactions can be blocked for political reasons, even when dealing with supplying socially important goods," Lavrov said.
Brazil took over BRICS presidency from Russia on January 1, 2025. The 16th BRICS Summit held in Kazan was the key event of Russia’s chairmanship in the association.
