For decades, the US dollar has dominated the global trade. This became possible after the establishment of the liberal world order. The US dollar enjoyed unparalleled dominance as the leading reserve currency of the world. The US Federal Reserve holds that 96% of international trade invoicing into the Americas, 74% in the Asia-Pacific region, and 79% in other countries was done in the US dollar…

It could be argued with great confidence that the BRICS economic alliance is increasingly gaining prestige on the world stage and more and more countries want to become its members, participating in the creation of a new world order based on multilateralism. At the same time, this alliance is increasingly expanding its activities, spreading it to all continents and areas of international finance. There have been reports that the BRICS is considering creating a new global payment system for international trade, which would be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT)…

Russia and China have long been struggling to establish a new world order, an order that will not have the West as its centre and the US dollar as the main currency shaping the global economic system. The new world order will be multipolar. Within this order, it will be possible to trade without USD. But while multipolarity and non-USD currency arrangements indicate some of the key features of the new order – and they are very important – they are not by themselves the mechanisms that could potentially yield a new world order. For a new order to become possible…

Since it’s establishment in 2008, the BRICS forum, in the absence of economic, political or geographical dominance by any of the participating countries, has created comfortable and parity conditions for cooperation between states, steadily deepening it between countries located in different parts of the world on different contingents, in different hemispheres...