Part 2/12:
Amid escalating tensions over the Ukraine-Russia conflict and renewed US sanctions, BRICS countries are accelerating efforts to challenge the US-led financial order. Since the onset of the Ukraine war, international transactions settled in local currencies have surged from negligible levels to approximately 20% of global commerce—an unmistakable sign that a significant portion of the world is moving away from dollar reliance.
Russia and China, along with other BRICS members, have been hoarding gold and pushing to establish a new currency, aimed at reducing dependence on the US dollar. These efforts threaten to fundamentally reshape international finance, undermining the US's ability to impose sanctions and control global monetary flows.