BRICS member Russia is actively considering returning to trading in the US dollars in a potential economic shift with a new trade deal with the Trump administration. A memo reviewed by Bloomberg outlines seven areas of economic realignment between the US and Russia. If the trade deal goes through, Russia may start using the US dollar for settlements as early as 2026. This would be a major policy reversal where the Putin administration was spearheading the de-dollarization agenda.
According to the report, BRICS member Russia would be allowed to use the US dollar for settlements in the new trade deal centered around fossil fuels, natural gas, offshore oil, and critical raw minerals, among others. The reopening of trade will come after four years, during which Russia was removed from the SWIFT payment system in 2022. The Biden administration imposed sanctions on the country for invading and waging war against Ukraine. Even the European Union (EU) imposed economic pressure on Russia to crush its economy.
Also Read: Russia Clarifies BRICS Currency Not on Agenda
BRICS: Trade Deal With the US To Bring Back Dollar Settlements in Russia
The Bloomberg report states that the White House is considering gradually lifting sanctions on Russia. Almost all BRICS members, including Russia, are seeking new trade deals with the US after the tariffs. India recently bagged the deal with the Trump administration, highlighting the importance of America in the global trading sector.
A trade deal with the US can make Russia minimize Chinese yuan payments with BRICS member China. Also, the two countries have already settled close to 90% of deals in the Chinese yuan. The rest 10% includes the ruble and the dirhams, among others. The US-Russia proposal is yet to be made public and could realign the BRICS bloc’s de-dollarization initiative. Almost all member nations are cozying up to the White House to find a solution to bag bigger deals.
