Venezuela sees 25% of trade free from US dollar

Venezuelan Foreign Minister Yvan Gil has highlighted that approximately 25% of global trade can now be conducted without relying on the US dollar.

This shift is attributed to the efforts of the BRICS bloc, which includes countries like Brazil, Russia, India, China, and others, in promoting de-dollarisation.

Gil emphasised that this development is a significant step toward greater financial independence for countries facing sanctions.

The BRICS group has been instrumental in fostering a multi-polar world order, allowing countries to use alternative currencies for international settlements.

While Venezuela itself was not accepted into the BRICS+ bloc due to a veto by Brazil, it has still benefited from this broader trend.

Russia, which also faces US sanctions, has supported Venezuela's aspirations to contribute to BRICS, viewing it as part of a global movement toward multipolarity.

Gil noted that the BRICS structure, with its flexible trading rules, has facilitated this shift.

The bloc is currently exploring the establishment of a payment system based on national currencies, potentially incorporating cryptocurrencies.

This approach would allow for more diverse and independent financial transactions, further reducing reliance on the US dollar.

As countries like Venezuela and Russia navigate economic sanctions, the ability to conduct a significant portion of trade outside the dollar is seen as a strategic advantage.

It reflects a broader geopolitical shift where emerging economies are seeking greater autonomy in international trade and finance.

As Gil stated, this movement is crucial for countries seeking financial independence from Western-dominated systems.