With China, India, Brazil and South Africa wondering if they will be next in line to suffer sanctions, the BRICS nations are forming a viable alternative to the US Dollar for international settlements. Speaking at the BRICS Business Forum on Wednesday, Putin stated
“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review.” This is the most formalised movement towards a global environment that functions largely without the US Dollar. Saudi Arabia has been in talks for most of the year to sell Oil denominated in Chinese Yuan, and Nigeria is already making those trades.

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