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BRICS member Russia is urging countries in the Middle East to stop accepting the US dollar for oil payments. Russian President Vladimir Putin is hitting out at the At a meeting of BRICS foreign ministers in June, South Africa’s Naledi Pandor said the bloc’s New Development Bank will seek alternatives “to the current JOHANNESBURG, Aug 23 (Reuters) - Brazil’s President called on Wednesday for the BRICS nations to [USN:S8N37Y0LE TEXT:“create a common currency”] BRICS aims to topple the US dollar by making oil-exporting countries accept local currencies for oil and gas cross-border payments. If Saudi Arabia joins the bloc, the grouping will be stronger BRICS aims to topple the US dollar by making oil-exporting countries accept local currencies for oil and gas cross-border payments. If Saudi Arabia joins the bloc, the BRICS is calling on oil producers to ditch the dollar, and the strategy is starting to bear fruit. The dollar’s share of global reserves is shrinking at a rate ten times faster 25 de sept. de 2025 The bloc of countries that wants to overthrow the US dollar is set to gain 6 new membershere's what the potential recruits have said about de-dollarization

Is the end of the US dollar's reign near? BRICS nations are actively pushing for the Middle East to ditch the US dollar, particularly in oil transactions. BRICS aims to topple the US dollar by making oil-exporting countries accept local currencies for oil and gas cross-border payments. The move is gaining momentum, and the dollar's share of global reserves is shrinking at an unprecedented rate.

BRICS' De-dollarization Strategy: A Growing Threat to US Hegemony?

BRICS is calling on oil producers to ditch the dollar, and this strategy appears to be yielding results. A key focus is convincing countries in the Middle East, a region heavily reliant on oil revenues, to move away from dollar-denominated transactions. BRICS member Russia is urging countries in the Middle East to stop accepting the US dollar for oil payments. Russian President Vladimir Putin is hitting out at what he perceives as the unfair dominance of the US currency.

A Common Currency and the New Development Bank

The ambition goes beyond merely using local currencies. Brazil’s President recently called for the BRICS nations to create a common currency, a move that would further challenge the dollar's global standing. At a meeting of BRICS foreign ministers in June, South Africa’s Naledi Pandor said the bloc’s New Development Bank will seek alternatives “to the current system, reducing reliance on the dollar and Western financial institutions.

Saudi Arabia and the Future of BRICS

The potential inclusion of Saudi Arabia in the BRICS bloc is a significant development. If Saudi Arabia joins the bloc, the grouping will be stronger and its push for de-dollarization will gain considerable weight. Saudi Arabia's influence in the oil market is undeniable, and its adoption of alternative currencies could trigger a domino effect across the Middle East.

BRICS Expansion and De-dollarization Efforts

The bloc of countries that wants to overthrow the US dollar is set to gain 6 new members. These potential recruits have all expressed interest in de-dollarization, signaling a broader shift away from the US dollar on a global scale.

While the complete dismantling of the dollar's dominance may be a long way off, the growing influence of BRICS and its concerted efforts to promote alternative currencies are undeniable. The pressure on the US dollar is mounting, and the future of global finance may look very different in the years to come.

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