Russia and Brazil Agree to Increase Use of National Currencies in Trade

Russia’s Ministry of Finance announced that Moscow and Brasília plan to increase the use of their national currencies in bilateral trade transactions to reduce reliance on foreign currencies for settlements.

According to the announcement, the two countries are seeking to develop mechanisms that enable trade between Russia and Brazil to be conducted using the ruble and the real. The goal of this approach is to facilitate financial exchanges and reduce the risks associated with fluctuations in international currencies.

Both Russia and Brazil are members of the BRICS group, an alliance of emerging economies that in recent years has aimed to reduce their dependence on the US dollar and enhance the role of national currencies in trade and financial affairs.

Within this framework, Russia and China conduct a significant portion of their bilateral trade using the ruble and the yuan. Similarly, Brazil and China have established mechanisms for settlement in their national currencies, and India has also prioritized the use of the rupee in energy and commodity transactions.