First BRICS summit since Egypt, Ethiopia Iran and the UAE joined the block earlier this year. Among many things on the agenda is the issue of reducing reliance on the US Dollar. Russia has also proposed a unified depository and clearance system for the BRICS states. This is Moscow's latest effort to encourage member countries to expand financial cooperation without the assistance of the west. The block also has the potential to forward its de-dollarisation agenda in forex reserves and oil trade.

BRICS+ Eyes De-Dollarisation of Global Cross-border Payments System

BRICS+ And Global De-Dollarisation Process

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