The eleven-nation BRICS+ bloc, representing approximately 40% of global GDP and 46% of the world's population, is advancing the most concrete proposal to challenge dollar dominance in international trade since the creation of the euro.
The proposed "BRICS Bridge" — a settlement currency backed by a basket of commodities including gold, oil, natural gas, and key agricultural products — would allow member nations to conduct bilateral trade without converting to dollars, eliminating the currency risk and geopolitical leverage that dollar dependency creates.
The Petroyuan Factor
China's growing success in pricing oil contracts in yuan has provided a proof of concept. Saudi Arabia's agreement to accept yuan for a portion of its Chinese oil sales — announced last year — represents the most significant structural change to the petrodollar system since its establishment in 1974.