BRICS de-dollarization efforts remain under scrutiny right now as the economist Jim O’Neill reflects on nearly 25 years since coining the term. Through several key economic transformations, the China economic rise has actually catalyzed the BRICS trajectory over these years, also reshaping various major market dynamics. India’s economic potential faces some skepticism while global trade shifts have accelerated across emerging markets and even developed economies, right now.
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O’Neill’s Critical View Of BRICS De-Dollarization
Jim O’Neill views BRICS as generating more symbolism than actual substance, at the time of writing, and such assessments have reshaped numerous significant perspectives. Across multiple essential economic indicators, China’s economic rise continues dominating the bloc, with the country now four times bigger than Japan and twice the size of other BRICS members combined.
In 2024, O’Neill mentioned that the grouping “serves no real purpose beyond generating symbolic gestures and lofty rhetoric,” also highlighting various major institutional limitations. He also pointed out that China has been the clear winner among BRICS nations over the past 25 years of BRICS development, leveraging several key strategic advantages.
O’Neill said:
“Without a doubt, China. Despite the problems they’ve had since 2015, China has just blown the other three countries away.”
When it comes to BRICS de-dollarization plans and currency proposals, Jim O’Neill has expressed clear skepticism, right now. Through certain critical evaluations, these initiatives have encountered numerous significant obstacles. O’Neill stated:
“The idea you have a shared BRICS currency, this is just the kind of nonsense that they symbolically say because it just sounds good.”
India Rejects BRICS Jim O’Neill De-Dollarization Push
India’s position on BRICS de-dollarization has been made clear by External Affairs Minister S. Jaishankar in recent months, and such statements have influenced various major policy discussions. Across several key diplomatic forums, India’s economic potential remains significant, yet New Delhi actually opposes common currency plans that could strengthen Chinese influence over the bloc, also affecting multiple strategic considerations.
At the Doha Forum in December 2024, Jaishankar clarified India’s stance, establishing certain critical parameters. He stated:
“I am not exactly sure what was the trigger for it but we’ve always said that India has never been for de-dollarisation. Right now, there is no proposal to have a BRICS currency.”
He also added some important context about global stability and the dollar’s role, encompassing numerous significant economic factors:
“The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less. I don’t think there’s a unified BRICS position on this.”
This position has been emphasized by India along with concerns about how a BRICS de-dollarization push might affect India economic potential and regional dynamics, involving several key bilateral relationships.
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Putin Shifts Stance On BRICS Jim O’Neill De-Dollarization
Russian President Vladimir Putin’s stance on BRICS de-dollarization has actually evolved over time, right now. Through various major geopolitical developments, global trade shifts have prompted Russia to pursue alternatives to SWIFT, though Putin now emphasizes caution regarding any moves away from the dollar system, also acknowledging multiple essential economic realities.
By November 2024, Putin’s position had shifted considerably, reforming certain critical strategic approaches. He stated:
“I have heard a lot of discussion among experts and in journalistic circles that we should think about creating a single currency. But it is too early to talk about this. And we do not have such goals among ourselves. We have not sought to abandon the dollar and we are not seeking to do so.”
Earlier in 2024, Putin had addressed the issue of dollar weaponization at a BRICS summit, highlighting numerous significant challenges. He said:
“The dollar was used as a weapon. It is true. If they don’t let us work with it, what else should we do? We should seek other alternatives.”