Tag Archives: brics

Member states of the BRICS group are discussing Iran’s proposal to integrate their national payment systems within the group’s framework, according to Russian Deputy Foreign Minister Andrey Rudenko in an interview with the Russian news agency TASS. Hossein Eyvazlou, a member of the Executive Board of Iran’s National Development Fund (NDFI), proposed establishing a joint fund for the national wealth of BRICS member states during the “BRICS International Futurological Forum, Smart Civilization.” This event coincided with the BRICS Summit held from July 10 to 11 in Moscow. Rudenko noted that various options for integrating the financial markets of BRICS members, …

As the BRICS economic alliance moves towards creating its own native currency, an analyst suggests that a gold-backed asset could effectively challenge the dominance of the US dollar. Amidst the bloc’s efforts to reduce reliance on the dollar, questions arise about their ability to introduce a currency that can potentially replace the greenback. The success largely hinges on the backing of this new currency. Gold, which has seen a resurgence in value this year, could play a key role. JPMorgan recently forecasted an average price of $2,500 for gold in Q4 2024. With BRICS countries significantly increasing their gold reserves …

Turkey has turned to the BRICS group of major emerging nations, which includes Russia and China, reflecting its increasing frustration over the stalled progress in EU membership talks. “We have established relations and are engaging in talks and negotiations with the BRICS countries, which are also undergoing significant changes,” Foreign Minister Hakan Fidan stated in an interview with Haberturk television on Monday night. “If the EU had the will to take a step forward, our perspective on certain issues could be different.” While Ankara has sought to revive its bid to join the EU, one of its largest trading partners, …

The BRICS alliance has surpassed the US in gas trade to Europe for the first time in nearly two years. Russia, a BRICS member, has become the leading supplier of LNG to Europe, outperforming the US despite facing sanctions. This increase occurs even as Europe seeks to reduce its dependency on Russian oil, yet several Eastern European countries remain heavily reliant on Russian imports. Consequently, Russia has emerged as the top LNG supplier to Europe, overtaking the US in global trade. This development aligns with BRICS’ broader strategy to challenge the US dollar’s dominance as the world’s reserve currency, aiming …

The Kingdom of Saudi Arabia’s 50-year-old agreement with the U.S. to sell oil exclusively in petrodollars has expired. With no new policy in place and the Biden administration not renewing the agreement, Saudi Arabia is now free to sell oil in various currencies. Among the top contenders for oil sales are currencies from BRICS countries, such as the Chinese yuan. The original petrodollar deal, signed on June 8, 1974, allowed Saudi Arabia to settle oil payments in U.S. dollars exclusively for over five decades. Now, the Kingdom can accept payments in local currencies like the Chinese yuan, Japanese yen, and …

Several developing countries are looking to the BRICS alliance to reduce their economies’ dependence on the US dollar. Nations across Asia, Africa, South America, and Eastern Europe are drawn to the BRICS de-dollarization agenda and find it appealing. Many of these countries are aiming to join the BRICS bloc following the October 2024 summit.

As the BRICS economic alliance continues to rise, Russia has become the 4th largest economy in the world in terms of purchasing power parity (PPP). According to recent data from the World Bank, Moscow now joins China and India in the top five. This development is a further testament to the bloc’s ongoing growth trajectory. Consequently, the only non-BRICS nations in the top five are the United States and Japan. This progress strengthens the BRICS pursuit of a multipolar world in the evolving global economic landscape.

The BRICS summit, slated for October 2024, will welcome four new members: the UAE, Egypt, Iran, and Ethiopia, expanding the alliance to a nine-member bloc. This expansion was announced during the previous summit. The forthcoming BRICS 2024 summit is set to occur in Russia’s Kazan region and will be hosted by Vladimir Putin. Reports indicate that the alliance plans to extend invitations to numerous world leaders from developing nations. Notably, last year, France expressed interest in attending the BRICS summit, but both Russia and China rejected its entry, citing concerns about potential interference in internal affairs and disruption of the …