Lavrov: De-Dollarization Has Begun, BRICS to Discuss Alternatives

Russia's Lavrov Announces De-Dollarization Has Begun; BRICS Summit to Discuss Moscow, Russia – In a recent interview with RT en Español, Russian Foreign Minister Sergey Lavrov announced that the process of de-dollarization has already begun. He stated that "The de-dollarization has already begun," highlighting the growing global movement away from the US dollar as the dominant currency in international transactions. Lavrov's comments were made during a discussion about the upcoming BRICS summit scheduled for August, where Brazil has proposed a serious consideration of de-dollarization strategies. Lavrov emphasized the importance of protecting financial agreements and the New Development Bank from the misuse of the dollar. He did not explicitly name any countries, but his remarks suggest a growing concern among BRICS nations about the dominance of the US dollar and its potential for misuse in international finance. This concern is likely fueled by ongoing geopolitical tensions and sanctions imposed by Western countries. "Within the BRICS framework, Brazil has already proposed that we seriously consider at the upcoming August summit the task of protecting financial settlements within this association," Lavrov said. His comments indicate a concerted effort by BRICS nations to create alternative financial mechanisms, reducing reliance on the US dollar and Western financial institutions. The push for de-dollarization represents a significant shift in the global financial landscape, with implications for international trade, investment, and geopolitical power dynamics. The outcome of the BRICS summit in August will be closely watched by observers worldwide.