News Analysis
This 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.
Held from Oct. 22 to 24 in the Russian city of Kazan, the event focused largely on “de-dollarization”—the idea of phasing out the U.S. dollar as a reserve currency and preferred medium of global exchange.
“We do not reject … the dollar,” Russian President Vladimir Putin said at the summit. “But if we are prevented from working with it, what do we have to do? We have to search for alternatives. And this is what is happening.”…