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BRICS member Russia’s economy is thriving despite the US pressing sanctions since February 2022 for invading Ukraine. The country has bypassed the sanctions and began settling trade in local currencies. The Chinese yuan is now the most used currency for cross-border transactions in Russia and not the US dollar. The Russian ruble is also being heavily used for trade settlements helping its economy stay afloat even during sanctions. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency The sanctions on Russia are what led to BRICS kickstart the de-dollarization agenda around the world. The US Treasury Secretary Janet Yellen confirmed that de-dollarization gained steam after the sanctions on Russia. The alliance is looking to promote local currencies for trade to strengthen their native economies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Endorses New Country To Join the Alliance B...

The U.S. pressed economic sanctions against BRICS member Russia in February 2022 for invading and waging war against its neighboring country, Ukraine. Similarly, the U.S. had pressed sanctions against the new BRICS member Iran for its role in supporting terrorism around the world. The sanctions brought down Russia and Iran’s economies leading them to rely on other developing countries and use local currencies for trade. Also Read: 10 U.S. Sectors To Be Affected If BRICS Stops Using the Dollar U.S. Treasury Secretary Janet Yellen confirmed that the sanctions are what led BRICS to challenge the dollar. The White House’s move might have backfired as developing countries are forging partnerships in fear of U.S. sanctions. The development is leading to ideas of alienating the U.S. dollar and promoting local currencies for cross-border transactions. BRICS Takes on the US Dollar Despite Sanctions Source: Alan Santos / PR / Wikipedia Commons BRICS nations are already ...