"BRICS and the Decisive Shift: Debating the Global De-Dollarization Movement"
Introduction The global financial landscape has undergone significant transformations in recent years, with the rise of emerging economies and the increasing disillusionment with the dominance of the US dollar as the world's primary reserve currency. The era of Dollar Dominance began in Saudi Arabia when the petrodollar was created in the 1970s through a 6-page agreement signed by US President Richard Nixon and Saudi Prince Fand Ibn Abdel Aziz. In Return, the US provided military supplies and equipment to the KSA, and Saudi Arabia agreed to utilize US dollars for the oil agreements. The petrodollar system implicates the US dollar globally accepted for oil exports. In other words, it is typically the international practice of trading oil for American dollars rather than another currency. The oil-importing nation (whichever it may be) must always pay the oil-extracting country in US dollars. These events triggered the US to be the global economic superpower and gave the uppe...