The BRICS summit in Kazan, Russia, could mark an important milestone in the transformation of the global financial system, as Russia and China, the leading superpowers in the group, seek to create a new trade and financial infrastructure based on national currencies to replace the US dollar. This shift in global finance could have significant implications for the Middle East, where the US dollar’s dominance has been challenged by conflicts, sanctions, and the growing influence of BRICS countries.
By increasing their gold reserves and adopting alternative currencies, the BRICS countries could reduce the influence of the US dollar and pave the way for a more balanced global financial system that serves the interests of the Global South.
