Russia has confirmed that 60% of its foreign trade in February 2026 was settled in rubles, setting a new record. The rise in local currency usage is part of a broader BRICS strategy to reduce reliance on the US dollar. This trend, observed across multiple administrations, is seen as strengthening developing economies while presenting fiscal challenges for the United States.
A member of the BRICS alliance announced it settled 60% of its foreign trade in local currency. Trade in local currencies has become increasingly common under both the Biden and Trump administrations. This trend is seen as strengthening the GDP of developing countries while the US faces economic challenges.
The BRICS alliance has championed settling payments in local currencies to end reliance on the US dollar. They have been successful in many trade deals since 2022 after the US imposed sanctions on Russia. Nations like China, Russia, and India have repeatedly settled cross-border transactions in local currencies for over four years.
Russia’s foreign trade settlements using the ruble set a new record in February 2026. The BRICS member used its local currency for more than half of payments for goods and services. This represents an increase from the 54.2% settled in rubles during 2025.
Data shows 54% of imports from Asian countries were paid in rubles, up from 49.9% in January. Ruble payments for imports from the Americas, Africa, and Europe totaled 70%, 82%, and 69.3% respectively in February. Russia has been utilizing its local currency amid sanctions for four years.
Russia’s top trading partners in local currencies are its BRICS counterparts, China and India. The trio aims to internationalize their national currencies to strengthen their economies. The share of using dirhams is also rising, with the United Arab Emirates (UAE) benefiting from this shift.
