The ongoing push within BRICS to explore dedollarization and introduce a potential BRICS currency has garnered significant attention from global powers, particularly the United States. Indian international relations expert Subhashish Banerjee stated in an interview with Tass that while the U.S. is unlikely to actively disrupt BRICS, it will closely monitor its progress. Banerjee noted:

Discussions about replacing the U.S. dollar with the BRICS currency might have triggered some kind of disbalance in understanding. But I assume that it is absolutely temporary in nature.

The prospect of reducing reliance on the dollar has gained traction among BRICS members, especially Russia and China, as a response to concerns over U.S. economic influence.

India, however, remains cautious about dedollarization. Foreign Minister Subrahmanyam Jaishankar has reiterated that “India has never been a supporter of de-dollarization.” While India opposes the concept of a unified BRICS currency, the bloc is actively promoting the use of local currencies in trade. This approach aims to reduce transaction costs and shield member states from currency volatility linked to the dollar.

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