FALCON POWERS – The U.S. dollar has long reigned supreme as the world’s dominant currency for decades, but attempts to diminish its influential role in the global economy and its dominance in international trade transactions are increasingly gaining momentum.
With Russia hosting the BRICS summit in 2024, President Vladimir Putin appeared optimistic about the growing influence of the economic bloc, which has expanded to include the UAE, Egypt, Iran, and Ethiopia, alongside China, India, Russia, Brazil, and South Africa.
Putin predicted that the member countries of the bloc would be “the main driver of global economic growth in the near future,” thanks to the size of their economies and the increasing interest from more countries in joining BRICS.
Hosting this expanded summit in Kazan, Russia, serves Moscow’s efforts to assert that U.S. and Western attempts to economically isolate it following the Russian invasion of Ukraine in 2022 have not succeeded. Russia aims to rally other nations alongside it to reorganize the international financial system and end the U.S. dollar’s influential role within it.
