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ARTICLE · 03 DECEMBER 2025

BRICS And The Drive Towards De-Dollarization: Has It Stalled?

Braumiller Group (Dallas)
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Yet the incremental progress matters. Every rupee oil payment, every yuan-real trade, every ton of gold added to reserves represents a small reduction in dollar dependency.

United StatesInternational Law
Victoria Holmes
Victoria Holmes
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Could BRICS break the dollar's grip? The answer is coming into sharper focus, and it's more complicated than either the optimists or skeptics predicted. Since our previous analysis, BRICS has made concrete moves toward de-dollarization while simultaneously confronting harsh economic and political realities. The gap between ambition and achievement has never been clearer.

Before diving into the dollar dynamics, it's worth rehashing what makes up BRICS. The bloc includes ten full members after adding Egypt, Ethiopia, Iran, and the UAE in January 2024, followed by Indonesia in January 2025. Additionally, thirteen countries were invited to become "partner nations" at the October 2024 Kazan summit, with nine accepting by year-end: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and Vietnam.

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