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There is an attempt to create an alternative single currency to replace the dollar, but this has not been possible so far. Economists Krasen Stanchev and Mihail Krastev united around this opinion in "Your Day".
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"Putin's de-dollarization is a long-standing concept that can never be realized because the reserve currencies in the world are the dollar and the euro, and partly in Asia there is a Japanese yen. The regionalization of currencies in transactions has always been available. China and India are market economies, Russia and Brazil are nationalizing a number of enterprises," he said.
For his part, Mikhail Krastev explained that the BRICS organization is not a homogeneous structure, but consists of large competitive economies.
"The main goal is to acquire more economic sovereignty. The challenge they are setting themselves is more Russian exports to India. Brazil and Argentina are developing their own currency. It is similar to the euro. Arab countries transact with their counterparties by not using the dollar as currency. There is no competition from the dollar, but fragmentation," he said.