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Putin vs. Trump: BRICS Pushes Back on the Dollar, Trade Tensions Rise

At the 2025 BRICS summit in Rio, Vladimir Putin made a bold statement that caught global attention. He declared that globalization is no longer working and urged emerging markets to start trading in their own currencies instead of relying on the US dollar.

In simple terms, BRICS seems ready to move on from the dollar. About 90% of Russia’s trade within BRICS is already being settled in local currencies, and there’s a new payment system in development—"BRICS Clear"—meant to replace SWIFT entirely.