BRICS, Saudi Arabia, and the US Dollar: A Power Shift in the Making? The global landscape is shifting, and a recent high-profile meeting between Saudi Crown Prince Mohammed bin Salman and President Putin signals a potential challenge to the US dollar's dominance. Russia has invited Saudi Crown Prince Mohammed bin Salman to attend a BRICS summit in the city of Kazan from October , Foreign Minister Sergei Lavrov said on Monday. This invitation underscores the growing cooperation between the two nations within the BRICS framework.
The recent meeting between Saudi Crown Prince and President Putin marked a crucial step towards ending the US dollar dominance. A notable part of their discussion was likely focused on exploring alternative financial systems and trade mechanisms that could lessen reliance on the US dollar. This aligns with the broader BRICS agenda of promoting multipolarity and challenging the existing global financial order.
Saudi Arabia's Vision 2030 and BRICS Alignment: Saudi Arabia's economic diversification plans, including groundbreaking projects like NEOM, are also playing a role. Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called The Line to be built at NEOM in northwestern Saudi Arabia, Janu. These ambitious initiatives require significant investment and international partnerships, making collaboration with BRICS nations increasingly attractive. Sept 9 (Interfax) - Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman has been invited to attend a BRICS summit due to take place in Kazan in October, Russian. This alignment is not just economic; it reflects a shared desire for a more balanced global power structure.
What's Next for the US Dollar? The discussions between the Saudi Crown Prince and Putin, along with the upcoming BRICS summit, have significant implications for the future of the US dollar. While a complete replacement of the dollar is unlikely in the near term, increased use of alternative currencies and payment systems could erode its dominance in international trade and finance. Stay tuned for further developments as the BRICS nations continue to shape the future of the global economy.