BRICS accelerate their break with the dollar: Yuan settlements between Russia and Iran reach $214 billion

The dollar is losing ground where it reigned supreme for decades. In March 2026, Russia and Iran settled $214 billion in Chinese yuan trade, confirming the acceleration of BRICS-led dedollarization. Behind this monetary shift lies a strategic battle between Washington and Beijing for control of world trade. Energy trade, geopolitical tensions and the rise of “petroyuan” : the great powers are discreetly redrawing the rules of the international financial system.

The yuan establishes itself in strategic BRICS trade

The BRICS are accelerating their move away from the dollar as international tensions intensify. Indeed, Chinese yuan settlements between Russia and Iran jumped to $214 billion in March 2026.

This movement is part of a dedollarization dynamic already underway since Western sanctions targeting Moscow after 2022. China now appears to be the main financial anchor point of several economies under pressure. Ding Shuang, economist at Standard Chartered, estimated that : “The conflict in the Middle East played an accelerating role. We are witnessing the beginnings of a petroyuan that could ultimately erode the dollar's hold on energy trade..

Several elements illustrate this acceleration of non-dollar settlements:

• Trade between Russia and Iran reached $214 billion in yuan in March 2026;
• Iran has reportedly limited access to the Strait of Hormuz to “unfriendly nations”;
• China, Russia and India would have retained some strategic trade access;
• Payments linked to energy trade were reportedly made directly in yuan;
• Some transactions also reportedly involved bitcoin.

In this context, Beijing is taking advantage of the reorganization of global trade circuits to strengthen the international use of its currency, particularly in the energy sector where the dollar historically dominated unchallenged.

Beijing transforms BRICS into an alternative financial laboratory

Beyond just trade between Moscow and Tehran, China is pursuing a global strategy aimed at building a financial architecture independent of the dollar. Thus, trade between BRICS would have exceeded $1,000 billion in 2025, with nearly 67% of payments made in local currencies such as the yuan, the ruble or the rupee.

Beijing now represents around 70% of the bloc's trade. This economic dominance gives China a central role in BRICS monetary ambitions, whether it be the development of BRICS Pay, cross-border settlements or connections between central bank digital currencies.

This dynamic is, however, crossed by several weaknesses. Trade between China and Iran is estimated to have fallen by 56.7% in the first quarter of 2026, due to regional tensions which are disrupting the economic circuits that Beijing seeks to secure. Some BRICS members are also reportedly showing growing caution over excessive reliance on the yuan. The dedollarization project is moving forward and trying to reduce American influence without recreating a new form of monetary hegemony dominated by China.

The shift initiated by the BRICS now goes beyond the diplomatic field. With the rise of payments in yuan, experiments around digital currencies and the appearance of alternative commercial circuits, part of the world is trying to build a system parallel to the model centered on the dollar. It remains to be seen whether this dynamic will lead to a real global monetary rebalancing or to a lasting fragmentation of international trade.