Russia’s Landmark BRICS Summit and the Specter of De-Dollarization

Western experts dismiss the notion of BRICS states ditching the dollar given the greenback’s central role in today’s globalized economy.

Officials attend a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan, Russia, on Oct. 24, 2024. Maxim Shemetov/Pool/AFP via Getty Images

News Analysis

Last week saw a landmark summit of the BRICS group of nations, a nine-country economic bloc led by Moscow and Beijing, which drew representatives from 36 countries, including 22 heads of state.