The intention of Russia and Brazil to use national currencies in trade relations – Mehr news agency RCO News Agency

According to the Mehr news agency, citing Rashatoudi, the Ministry of Finance of Russia announced in a statement: Russia and Brazil plan to develop the settlement of commercial accounts with national currencies.

Russia and Brazil are both members of the BRICS group. In recent years, the BRICS member countries have begun coordinated efforts to reduce dependence on the US dollar and expand the use of national currencies in commercial and financial transactions. This approach has been especially strengthened in response to financial sanctions, fluctuations in the international currency market, and risks arising from the dominance of the Western financial system.

Russia and China have pioneered the use of national currencies and conduct a significant portion of their bilateral trade in rubles and yuan. Also, Brazil and China have set up mechanisms for trade settlement with national currencies, and India has put the use of rupees in energy and commodity transactions.