Source: Foreign Policy
by Keith Johnson
“Dethroning the dollar has been, and will remain, a central goal of BRICS; last year’s summit concluded with the explicit mission of drafting a blueprint to make that a reality. BRICS members have different beefs with the centrality of the dollar, which serves to unify them for now but which also highlights the fissures just waiting to widen. For some, such as China, Russia, and Iran, an alternative to the dollar means a way to sanction-proof their economies. … Russia and China haven’t spent the last few years building alternatives to Western payment systems out of altruism. They are building escape pods. The other BRICS members also bristle at the dollar’s dominance but not because they fear sanctions per se (though some, such as Ethiopia, do as well). What they worry about is that the dollar dominates their economic life and they have no say over it.” (10/21/24)