This week, Russian President Vladimir Putin convened more than two dozen countries to discuss a 'new world order' free from Western hegemony and the global dominance of the U.S. dollar. The BRICS Summit, held in Kazan, Russia, brought together leaders from Brazil, Russia, India, China, and South Africa, along with other nations.
One of the key objectives of the summit was to reduce reliance on the U.S. dollar to evade sanctions imposed by the West. President Putin emphasized the need to move away from the dollar, which he described as a weapon used against certain countries.
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi used the summit to showcase their hopes for a more harmonious relationship, following recent agreements to resolve longstanding border disputes. Russia-China cooperation was highlighted as a stabilizing factor in international affairs.
The BRICS alliance, which now includes countries like Iran, Egypt, and the United Arab Emirates, aims to represent the interests of the Global South and reform international institutions like the World Bank and the International Monetary Fund.
While Russia is pushing for an anti-Western agenda, other members like Brazil, India, and South Africa advocate for a more cooperative approach. The alliance is exploring the creation of an alternative to SWIFT for international transactions, but a clear plan to replace the dollar has not yet been presented.
Iranian President Masoud Pezeshkian called for BRICS to move beyond being a 'dialogue club' and criticized the West's use of sanctions as a tool of control. The summit highlighted the shifting global landscape, with the U.S. dollar's share of global foreign currency reserves declining over the years.
Former President Donald Trump's remarks about protecting the dollar as the world currency underscored the geopolitical significance of the ongoing discussions at the BRICS Summit. The outcome of these deliberations could have far-reaching implications for the global financial system and geopolitical dynamics.
