Russia Rejects Anti-Dollar Claims as Putin Defends BRICS Trade Strategy

Vladimir Putin underscored that Russia’s BRICS strategy targets collaboration, not confrontation, insisting the bloc’s dollar shift reflects necessity and a drive for balanced global economic independence.

Putin Clarifies Russia’s Role in BRICS, Dismisses Anti-Dollar Accusations

Global monetary relations involving the U.S. dollar are undergoing significant change as nations pursue greater flexibility in how they conduct international trade. Russian President Vladimir Putin said on Oct. 3 that Russia is not engaged in an anti-dollar campaign but is instead adapting to restrictions that prevent it from making payments in the U.S. currency. Speaking at the Valdai Discussion Club in Sochi, he emphasized that the BRICS alliance is focused on strengthening internal cooperation and building a more balanced economic framework rather than competing with other blocs.

Putin said:

The entire BRICS policy aims at ourselves, at members of this organization. By the way, we do not hold any anti-dollar campaign, anti-dollar policy. Not at all!

“Concerning us, we are simply prevented from paying in dollars. What should we do? We pay in national currencies,” Putin added. He explained that BRICS faces numerous priorities, with one of the main objectives being the creation of “a common platform and shared principles of interaction, including in the economy in the first instance.”

The Russian president described the group’s efforts as constructive and cooperative.

Analysts see Putin’s comments as part of a broader global trend toward reducing reliance on the U.S. dollar in cross-border transactions. While some view such moves as a challenge to the dollar’s long-held dominance, others argue they represent a natural diversification of global finance. Supporters of this shift, including some in the crypto sector, suggest that alternative settlement systems—such as digital currencies—could further expand trade flexibility and financial resilience.