RE: Ghana suggesting gold for oil28 Nov 2022 15:40
Iran and Argentina have applied for BRICS membership, while a host of nations including Egypt, Indonesia, Kazakhstan, Kenya, Mexico, Nigeria, UAE, Saudi Arabia, Senegal, Thailand, and Turkey are in close dialogue with BRICS.
Observers within the region state that interest in joining BRICS increased greatly after the US withdrawal from Afghanistan in August 2021. Iran, Saudi Arabia and Turkey are rumoured to be advanced on their respective negotiations to join BRICS within the next couple of years.
This would radically shift alignment within Eurasia where there would be a strong nexus between Riyadh, Tehran, Ankara, Moscow, Beijing, and Delhi. The objective here is to develop a commodity trade regime that would bypass the US Dollar. This would severely weaken primacy of the US Dollar as an international currency.
There are already moves by Russian, Chinese, Indian, and Turkey to use Rubles, Yuan, Rupees, Turkish Lire, and Rials as trading currencies backed by commodities and gold. Banks are bypassing the SWIFT system for their own. The system is also accommodating payments with commodities.