BRICS partner country Kazakhstan and founding member Russia have achieved 100% de-dollarization in 2025. Russian President Vladimir Putin announced on Wednesday, as he met with Kazakhstan’s President Kassym-Jomart Tokayev, that the two countries have successfully sidelined the US dollar for all forms of trade and cross-border transactions.
The BRICS members, Russia and Kazakhstan, have settled trade in local currencies, the ruble and tenge, aiding de-dollarization. Early this year, trade between the two countries in local currencies was at around 90%. It has now completed the circle, making local currencies the center of all transactions.
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100% De-Dollarization Is a ‘Great Joy’, Say BRICS Members
Vladimir Putin stressed that the two BRICS members achieving 100% de-dollarization is “a great joy” for both economies. “We have achieved that almost 100% of settlements are made in national currencies, which is a great joy for us since it creates conditions of stability for economic participants,” Putin said.
The two BRICS countries began using local currencies after the US imposed sanctions on Russia in 2022 that kick-started the global de-dollarization agenda. The invasion of Ukraine was the reason why the White House punished Russia’s economy. Even after three years, the sanctions not only remain, but are being tightened by the Trump administration.
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Putin stressed that both countries have businesses in each other’s region with planned projects worth “tens of billions of dollars if you calculate in dollar terms.” The two BRICS nations are actively working together, expanding their business operations while promoting de-dollarization. “We actively work internationally and are members of our regional organizations,” Putin noted.
De-dollarization has remained the main agenda for BRICS, especially Russia and China. If all member nations and partner countries follow Russia and Kazakhstan’s footsteps, the US dollar will be the worst-hit currency. Local currencies could dominate trade between emerging economies, making the US face a massive deficit.
