 |
|
The upcoming BRICS Summit in Kazan, Russia, is set to be a focal point of geopolitical tension as the group, including Brazil, Russia, India, China, and South Africa, seeks to assert its influence on the global stage. The summit's theme, "Strengthening Multilateralism for Just Global Development and Security," underscores its ambition to challenge Western dominance. The expansion of BRICS to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates further amplifies its reach and potential influence.
The US, despite its official stance of not viewing BRICS as a threat, is likely wary of the group's potential to erode its economic and political influence. Concerns stem from the bloc's inherent challenge to Western hegemony, particularly with the involvement of Russia, China, and Iran, all of which have strained relations with the West. India's participation, marked by escalating tensions with Canada and the US over the Khalistani movement, further fuels these concerns.
The most significant potential threat to the US lies in Russia's push to de-dollarize the global financial system through BRICS. While a unified BRICS currency remains a long-term prospect, Russia proposes an alternative payment system based on blockchain technology, allowing member countries to bypass dollar transactions and circumvent US sanctions. This initiative, if successful, could significantly weaken the US's leverage in international trade and finance.
Beyond the financial sphere, Russia also aims to establish a BRICS grain trading exchange, challenging the dominance of Western agricultural commodities bourses. The proposal, however, faces challenges in securing unanimous agreement from BRICS members, with some countries sending lower-level officials to preparatory meetings. Nevertheless, Russia's push to reshape the global financial and agricultural systems through BRICS highlights its determination to create an alternative order, posing a formidable challenge to US dominance.
The BRICS summit in Kazan is poised to be a pivotal moment in the evolving global power dynamics. While the success of Russia's ambitions remains uncertain, the very attempt to create a more multipolar world, independent of Western influence, is a significant shift in the geopolitical landscape. The US, acutely aware of these ambitions, will undoubtedly be closely watching the summit's developments and strategizing countermeasures to maintain its position in a rapidly changing world.
Source: Will Vladimir Putin do at BRICS what America dreads the most?