Core Viewpoint - The BRICS nations are experiencing internal disagreements regarding "de-dollarization," particularly between India and Russia, which poses challenges to their cooperation [1] Group 1: India's Position - India was one of the first BRICS countries to express reluctance towards aggressively pursuing "de-dollarization" [4] - In 2025, India's Foreign Minister stated that India does not intend to undermine the dollar's status but aims to promote the rupee as an international currency [4] - The effectiveness of India's policy allowing international settlements in rupees has been limited, with less than 10% of external trade settled in rupees by August 2025 [4] Group 2: Russia's Attitude Shift - Russia was previously a strong advocate for "de-dollarization," significantly reducing the dollar's share in its foreign exchange reserves after the 2014 Crimea crisis [5] - In October 2025, Putin indicated that Russia does not plan to be "anti-dollar," suggesting that previous efforts were driven by U.S. sanctions rather than voluntary choice [5] - Russia's need to price oil in dollars and the challenges of settling trade with India in rupees have led to a more pragmatic approach [5][8] Group 3: China's Stable Strategy - Unlike India and Russia, China has maintained a stable strategy by increasing gold reserves and promoting digital currency [10] - As of August 2025, China's gold reserves reached 74.02 million ounces, the highest on record, aimed at diversifying away from dollar assets [10] - China is also advancing the "BRICS Digital Currency Bridge" project to facilitate cross-border payments and reduce reliance on the dollar [11] Group 4: Underlying Reasons for Disagreements - The differing positions on "de-dollarization" among BRICS nations stem from their unique national interests [13] - India seeks to internationalize the rupee without antagonizing the U.S., which is crucial for its IT and agricultural exports [13] - Russia's compromise is influenced by U.S. sanctions, while China leverages its strong economic foundation to gradually promote the internationalization of the renminbi [13] Group 5: Future Outlook - Despite differing attitudes towards "de-dollarization," cooperation among BRICS countries continues [16] - Each country may adopt distinct strategies based on their circumstances, with India likely to pursue rupee settlements while relying on the dollar [16] - The BRICS New Development Bank plans to issue $5 billion in green bonds in 2025, denominated in renminbi and euros, as a compromise to avoid direct confrontation with the dollar [19]