Russia hosts BRICS Summit as nations seek alternatives to US dollar

In October 2024, Russia hosted the BRICS Summit, emphasizing unity among developing nations amid declining Western financial influence. Despite sanctions, Russia has maintained strong export revenues, highlighting its resource wealth and the growing call for alternatives to the U.S. dollar. At the summit, President Putin introduced a symbolic BRICS banknote, signaling ongoing efforts to create a multilateral currency system. This move has sparked debate, with critics dismissing it as unrealistic, while supporters argue it reflects a significant shift away from dollar reliance. Former President Trump has threatened tariffs against nations undermining the dollar's status, but Putin warned such actions could backfire. The current geopolitical climate, marked by conflicts and economic instability, raises questions about the future of the dollar as the world's reserve currency.