Detaching From The Dollar: BRICS Inducted 5 New Countries in January 2024 Including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia

BRICS inducted five new countries in January 2024 including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Argentina is the only country that rejected joining BRICS despite receiving an invitation in August last year. While BRICS is now a 10-member bloc, a new round of expansion is likely at the 16th summit in Russia’s Kazan region. The next BRICS summit will be held in October and Russia’s President Vladimir Putin confirmed that 30 new countries have now expressed their interest to join the alliance. Russia’s President Vladimir Putin confirmed in a recent press conference that 30 new countries have formally submitted their applications to join BRICS in 2024. If the bloc approves all the 30 nations’ applications, then BRICS could become a 40-member group. That’s bigger in terms of financial power and GDP and could compete with the US dollar and other Western allies. It is now confirmed that 30 new countries have formally submitted their applications to join BRICS in 2024. However, Russia’s President did not mention the names of the 30 countries that are ready to join BRICS in 2024. The upcoming BRICS summit in October 2024 could bring new expansion decisions across the table. From 2025 onwards, the alliance could throw a challenge to the US dollar and uproot the Western financial hegemony. Whether BRICS will topple the US dollar or falter in the coming years, only time will tell.