Petrodollar Shift: BRICS and the Rise of Relational Power
Understanding BRICS' Relational Power
BRICS is increasingly reshaping the global economic landscape, particularly as it challenges the dominance of the petrodollar. By forming strategic alliances among members like India, UAE, Russia, and China, the group emphasizes the importance of relational power.
Potential of BRICS
- Over 35% of global GDP
- 45% of the global population represented
- Significant energy reserves changing global pricing structures
This accumulation of relational power allows BRICS to advocate for the Global South while establishing alternatives to SWIFT and the prevailing financial norms dictated by the United States.
Strategic Alliances and Global Influence
New Development Bank's role enhancing with UAE wealth
China's Belt and Road Initiative reshaping trade
India maintaining ties with Russia despite pressures
These developments position BRICS to confront existing power structures effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.