BRAZIL, May 27 -- Member countries of the BRICS alliance—Brazil, Russia, India, China, and South Africa—along with newly associated nations such as Ethiopia, Egypt, Indonesia, Iran, and the United Arab Emirates, are increasingly conducting trade in their national currencies rather than the US dollar.

According to recent reports, over 65% of trade among BRICS nations is now denominated in their own currencies.

Russian Foreign Minister Sergey Lavrov recently confirmed this shift during the conclusion of the BRICS Foreign Ministers Meeting held in Brazil.

He stated that the transition away from the US dollar reflects the blocs strategic commitment to strengthening financial sovereignty and reducing dependency on Western-domina...