The BRICS nations will not be able to find a replacement for the US dollar even if they try, US Treasury Secretary Scott Bessent has claimed.
The comment comes as members of the economic group, including Russia, China, and India increasingly shift to mutual trade settlements in their national currencies.
No alternative to dollar – US treasury secretary
The BRICS countries have ramped up efforts to reduce reliance on Western currencies in bilateral trade in recent years, especially after sanctions froze Russia's euro and dollar reserves held in EU clearing houses, following the escalation of the Ukraine conflict in 2022.