It’s been 14 months since Russia invaded Ukraine and an avalanche of sanctions and restrictions hit Russia. Now it seems that Vladimir Putin is taking its relationship with some of it’s allies to a new level.
BRICS includes Brazil, Russia, India, China, and South Africa.
As the 15th edition of the BRICS summit approaches, two topics are high on the grouping’s agenda: its expansion, with the arrival of several African countries in particular; and the development of a new currency to be used for cross-border trade by the BRICS nations, which may be seen a push for de-dollarization.
De-dollarization’s moment might finally be here with Russia’s recent announcement that it is now spearheading the development of a new currency, says Joseph W. Sullivan, a former special advisor and staff economist at the White House Council of Economic Advisers during the Trump administration.