BRICS challenges dollar dominance, pushes for new global order: Vinay Sahasrabuddhe

Vinay Sahasrabuddhe said the shift in India-Russia trade from the US dollar to the rupee-ruble mechanism was part of a broader rejection of hegemonic thinking in global relations, with BRICS nations moving away from a single-superpower world order and expanding the use of local currencies in trade.

In Short

• Sahasrabuddhe linked BRICS trade shifts to opposition against single-power dominance
• He said local currencies should replace overreliance on one global unit
• India-Russia commerce moving beyond the dollar was cited as evidence

BRICS countries are rejecting a global order dominated by a single superpower and are seeking greater diversity in international trade and economic relations, BJP national executive member and Asiatic Society of Mumbai president Vinay Sahasrabuddhe said, arguing that no one currency should dominate global trade and economic affairs.

Speaking during a discussion at the India Today BRICS Roundtable 2026, alongside former diplomat Muktesh Pardeshi, Sahasrabuddhe said the shift in India-Russia trade from the US dollar to the rupee-ruble mechanism was part of a broader rejection of hegemonic thinking in global relations by the BRICS nations.

“What we are witnessing is a rejection of hegemonic thinking in global relations - one becoming the superpower and others listening to them,” Sahasrabuddhe said, adding that BRICS countries were “miles away” from such an approach.

Referring to the growing use of local currencies in bilateral trade, he said, “Why should one currency be dominating the world trade, economic affairs and order?” He added that every country had its own aspirations and wanted to be counted in global politics.

The comments come as BRICS is expanding its role amid a changing global order, with Russia’s war in Ukraine, the conflict in West Asia and tensions over trade and tariffs adding to geopolitical uncertainty.

The discussion also turned to BRICS’ growing economic and demographic heft. When moderator Anjana Om Kashyap pointed out that BRICS represents nearly 50 per cent of the world’s population, 40 per cent of global GDP and 26 per cent of global trade, Sahasrabuddhe connected this growing weight to the wider push against global dominance, invoking what he called the “democratisation of cartography”, a reference to a United Nations General Assembly-backed resolution seeking a world map that more accurately reflects the relative size of countries.

He sharply pointed out that the Mercator projection had historically made the Northern Hemisphere appear larger, while the Southern Hemisphere is in reality significantly larger in area.

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