Russian Deputy Foreign Minister Mikhail Bogdanov has explained that BRICS nations are aligning with the organization to reinforce their sovereignty and distance themselves from the U.S. dollar, which he described as an instrument of Western political and economic influence.
Bogdanov explained that BRICS serves as an alternative to Western-dominated systems but is “not anti-Western.” He was quoted by Tass publication as stating:
We are choosing this path in order to strengthen the sovereignty of our countries, to move away from the dollar, which was imposed on us and is used by the West, especially the U.S., as a method of pressure, including political and economic pressure.
Highlighting the appeal of BRICS to an increasing number of countries, Bogdanov added, “This association has very great potential, and it is no coincidence that more and more countries want to join our joint work.”
Formed in 2006 by Brazil, Russia, India, and China and expanded in 2011 to include South Africa, BRICS added Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia as full members on Jan. 1, 2024. The 16th BRICS Summit, held Oct. 22-24 in Kazan, Russia, marked a milestone and highlighted the Russian presidency’s agenda. This summit was the first for the new members, signaling BRICS’ growing influence.
At the summit, leaders adopted the Kazan Declaration, outlining BRICS’ stance on global issues and regional conflicts. They reaffirmed their commitment to fostering a more integrated financial system among member nations, emphasizing local currency transactions and cross-border payment structures. Russian Deputy Foreign Minister Sergey Ryabkov recently announced that Russia’s BRICS presidency had advanced dedollarization efforts, which are now being handed to Brazil for continued implementation. He underscored the effectiveness of mutual settlement clearing schemes to reduce dollar dependence and noted that these efforts, formalized in agreements, are vital for circumventing “illegitimate sanctions, including secondary ones.”