Authors- Medhaansh Singh, Manyata Chaturvedi
Abstract- This research paper investigates de-dollarization and its effects on the Indian economy, global trade, BRICS nations, and the Russia-Ukraine war. De-dollarization, the move away from the US dollar as the dominant global reserve currency, offers India potential benefits like enhanced finan-cial autonomy but also poses challenges in trade and reserve management. Globally, it prompts a reevaluation of trade practices as countries seek to diversify their reserves. BRICS nations are instrumental in this shift, advocating for a multipolar currency system and fostering initiatives such as the BRICS Development Bank. The Russia-Ukraine war has accelerated de-dollarization, particularly for Russia, which has increased its use of alternative currencies due to Western sanc-tions. The paper concludes that de-dollarization signifies a major transformation in the interna-tional financial system, influenced by strategic and geopolitical factors, with significant implica-tions for global economic stability and relations.
