Growing skepticism over the U.S. dollar’s long-term stability is signaling a structural shift in global finance, with geopolitical dynamics further eroding its dominance. Russian Foreign Minister Sergey Lavrov stated on July 6 at the BRICS summit in Rio de Janeiro that Washington must acknowledge the declining global confidence in the dollar. He asserted that U.S. President Donald Trump “directly accused” former U.S. President Joe Biden and his administration of “undermining the role of the dollar for many years as early as during preparation for his inauguration.” He noted:

Indeed, that’s exactly what has happened — trust in it has fallen.

Lavrov pointed to what he described as the politicization of the global financial system: “The erosion of the global economic world order has exacerbated as a result of illegitimate unilateral sanctions and use of dollar as a means of ‘punishment’. The trust in the American currency as a formerly reliable payment instrument was undermined,” he said at the BRICS outreach session.

The Russian official argued that the U.S. can no longer rely on the globalist frameworks it once led. Lavrov explained: “President Trump makes no secret of his intentions — he defends the economic interests of the United States, in trade, in investment — and does so openly. This only further confirms that the model of globalization promoted by the United States in a neoliberal context for many years, and accepted by much of the world for a time, has effectively ceased to function.” His remarks came amid Trump’s recent threat to impose 10% trade duties on countries supporting BRICS, reinforcing what Lavrov sees as a rejection of global interdependence.

The Russian Foreign Minister attended the BRICS summit in Rio de Janeiro, Brazil, from July 6-7, 2025, in person, while President Vladimir Putin participated virtually. Chinese President Xi Jinping is also not attending in person for the first time in 12 years; Premier Li Qiang is representing China. While China cited “scheduling conflicts,” speculation points to domestic focus or discomfort with the expanded bloc.

Lavrov also drew attention to Washington’s domestic fiscal stress, noting:

The situation is going out of control even in developed states — the U.S. has seen the record level of sovereign debt which reached $37 trillion and it continues to grow.

The foreign minister said this debt burden weakens U.S. credibility and strains the global system. However, some Western economists maintain that the dollar remains indispensable due to its deep liquidity and institutional backing, suggesting that alternatives still lack the scale and resilience of the current reserve currency.

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