Following a landmark trip to the Middle East for Russia’s President, Iran President Ebrahim Raisi has met with Putin in Moscow to discuss ending the US Dollar. Indeed, the meeting arrives as Iran has continued to integrate itself into the expanded BRICS alliance. It was one of six nations included in an expansion effort set to kick off in 2024.
Just last week, Putin visited Saudi Arabia and the United Arab Emirates (UAE) in his first visit to the Middle East since early 2022. Additionally, the meetings discussed the growing relationship between Russia, BRICS, and the leaders of that region. Subsequently, they undoubtedly included the bloc’s overarching de-dollarization efforts.
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Russia Meets With Iran to Talk De-Dollarization
For much of the last year, the growth of BRICS has dominated geopolitical discourse. Specifically, the expansion of the bloc’s members and its ideals had grasped the discussion regarding what the economic alliance could accomplish. Subsequently, one of the biggest drivers of that growth has been Russia.
Now, following a landmark visit to the region last week, Iran’s President Ebrahim Raisis has met with Putin in Moscow to discuss the end of the US dollar. Additionally, the meeting continues the leader’s campaign to grow the cooperation of the bloc. Especially after previously announcing a special focus to be placed on BRICS for Russia in 2024.
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It is highly unlikely that these conversations took place without the discussions on the US dollar and global de-dollarization. Since Russian sanctions were implemented, the use of local currencies has dominated BRICS initiatives. Moreover, joining that alliance was a precursor to lessening US dollar implementation within global trade.
Both the UAE and Saudi Arabia maintain close ties with the United States, but their relations with Russia are increasing. Moreover, Iran has the capability and desire to greatly embrace those de-dollarization efforts. Ultimately, it appears as though Putin is enacting a concentrated effort on the Middle East amid ongoing conflicts in the area, and developing a foundation for which greater geopolitical change can be fulfilled.