BRICS Leaders Discuss Need for De-Dollarization, Approve Saudi Arabia and Iran Among New Members

This year's BRICS forum highlighted the need to reduce reliance on the Dollar and facilitate trade in local currencies, as the U.S. continues to ramp up tensions with key members, Russia and China.

The group is expected to grow in 2024, with Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE set to become official members. Their addition will give BRICS control of nearly half of the world’s oil production. The six new countries are just a handful of the more than 40 that have expressed interest in joining the alliance.