Putin says 95% of Russian trade now free from US dollar

Russian President Vladimir Putin sharply criticised U.S. sanctions, arguing that they are driving a global move away from the U.S. dollar in international trade and reserves. 

During a BRICS media meeting on Friday, Putin stated that the sanctions had pushed Russia to settle 95% of its foreign trade in national currencies. 

He remarked, "All the countries of the world are now thinking of whether it is worth using the dollar if the US limits its use as a universal settlement unit." 

Putin pointed to similar actions taken against China, describing the sanctions as efforts to hinder its economic growth. 

He attributed the reduction in dollar reserves not just to political motivations but to broader economic shifts. 

He dismissed Western forecasts predicting Russia’s economic collapse after moving away from the dollar, asserting, “No, nothing collapsed—[it is] developing on a new base.” 

Putin also highlighted the growing economic weight of BRICS nations, surpassing the G7 in global GDP share. 

He remarked that in 1992, the G7 held 45.5% of the global GDP, while BRICS countries held only 16.7%. 

By 2023, the BRICS share had increased to 37.4%, while the G7’s had declined to 29.3%. 

Putin claimed that BRICS countries are now the primary drivers of global economic growth, contributing over 40% of the increase in global GDP over recent decades. 

Additionally, Putin mentioned that Russia and Iran have shifted to using national currencies for over 96% of their bilateral payments. 

He pointed out that the growing presence of BRICS nations in key global markets, such as energy, metals, and food, is essential for maintaining economic development.