A number of nations from the Middle East are seeking membership in BRICS in a bid to join in its trading of a new and yet-to-be-decided currency. These countries have expressed interest in replacing the U.S. dollar for international trade settlements, following the unified decision made by the five members of BRICS to utilize their native currency instead. Formal applications are now being accepted into this bloc led by China, India, Russia, Brazil, and South Africa.
Apart from Saudi Arabia, UAE, Bahrain, Egypt, and Algeria who have all opened their doors to becoming part of the BRICS alliance, Iran has also thrown its hat into contention. Despite ongoing U.S. sanctions on them, they are seeking a place among this prestigious bloc.
Every day, millions of barrels of oil from Middle Eastern countries are exported to destinations across America and around the world. Should they become members of BRICS, these nations have an opportunity to rid themselves of reliance on U.S. currency and enable settlements with a new form of tender.
At a critical juncture for its future, it appears that European nations could be forced to pay with tender from Middle East countries instead of dollars. As such, what occurs at this year’s BRICS summit in South Africa could seal USD’s fate. With so much online, all are paying close attention to how it plays out.
Bloomberg has reported that the BRICS alliance has captured widespread attention, with 19 countries expressing an interest in joining. Of those, 13 have submitted official applications and six have made informal inquiries. This surge of developing nations could shift financial control away from the West and bring about revolutionary changes to the global system.
To wrap up, the entrance of Middle Eastern countries into the BRICS bloc could spell trouble for the dollar. This may lead to a setback for US currency as it would be replaced by a new global reserve currency, resulting sadly for America with numerous monetary problems and possible economic distress.
