The recent BRICS Summit 2024 has reignited discussions about the potential shift in the global financial landscape. While the much-anticipated “BRICS Pay” platform or a unified currency failed to materialize, the summit showcased a growing movement towards de-dollarization.
BRICS Expands Its Influence
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has witnessed significant growth in recent years. The inclusion of four new members and the addition of 13 “partner nations” demonstrates an expanding sphere of influence. This broadening network could be a game-changer in the long run.
De-Dollarization Efforts Gain Momentum
Despite the lack of concrete announcements regarding a new payment system or currency, the summit served as a powerful symbol of unity. Notably, the participation of nearly all member states at the head-of-state level signifies a collective commitment to reduce reliance on the US dollar. This concerted effort could have significant repercussions for the global financial system in the coming years.
Also read : BRICS Strikes Back – 15 US Bank Failures Amid $35.7 Trillion Debt Crisis
A Counterweight to Western Dominance
The Atlantic Council report highlights an important aspect – Russia’s continued relevance on the international stage. Despite Western sanctions, President Putin managed to solidify ties with other member states, especially in the Global South. This bolsters Russia’s anti-Western approach and finds acceptance among a growing group of nations.
