Russia Urges BRICS to Brace for Potential Dollar Collapse

During the recent BRICS meetings, especially noted in the summit held in Johannesburg and subsequent discussions leading up to the gathering in Kazan, Russia has been vocal about creating an alternative payment system. This system aims to facilitate trade in local currencies or possibly a new common currency, challenging the dollar’s dominance in global trade, particularly in oil. Posts on X and various news analyses suggest that there’s a growing sentiment among BRICS nations to move away from the dollar. This includes initiatives like BRICS Pay, a proposed digital payment system, and increasing bilateral trade in local currencies, as seen with China paying for Russian gas in rubles.The push for de-dollarization is not just economic but deeply geopolitical. Russia’s stance comes in the wake of Western sanctions, highlighting a desire to insulate against U.S. economic policies and sanctions which leverage the dollar’s global role.The inclusion of new members like Saudi Arabia, Iran, and others into the BRICS fold, as noted in recent expansions, adds weight to this economic pivot. These nations, some of which are major oil producers, could significantly influence global trade patterns away from dollar dependency.While the ambition is clear, experts on platforms like X and in financial analyses point out the challenges. The dollar’s entrenched position in global finance, backed by decades of trust, extensive trade networks, and the U.S. economy’s size, makes any shift a monumental task. Moreover, internal coordination among BRICS countries, each with its economic policies and interests, adds layers of complexity to achieving a unified financial strategy.Public Sentiment: On social platforms like X, there’s varied discussion, with some users predicting a significant shift in global economic power, while others remain skeptical about the immediate impact on the dollar’s status.