Widespread Debate Over BRICS Payments System and Declining Reliance on the Dollar in Oil Trade
A widely circulated discussion on social media has sparked broad debate over what has been described as the “official activation of the BRICS payments system” and the use of non-dollar currencies in oil transactions conducted outside the U.S.-dominated banking system—claims that proponents have framed as a “historic shift in the global economic order.”
According to these accounts, if officially confirmed, such a move could signal an expansion of efforts by BRICS countries—Brazil, Russia, India, China, and South Africa—to reduce reliance on the U.S. dollar in international trade, particularly in strategic sectors such as energy.
However, economists caution that a full transition away from the dollar remains a gradual and complex process. They note that developments to date have largely involved limited bilateral transactions between certain countries using local currencies, rather than a comprehensive transformation of the global financial system.
Over the past two years, BRICS countries have announced plans to develop alternative financial settlement mechanisms aimed at reducing dependence on the SWIFT system. These initiatives, however, remain at varying stages of implementation and face significant technical, banking, and legal challenges.
Analysts argue that talk of the “imminent end of dollar dominance” is premature, despite signs of a gradual erosion of U.S. financial hegemony driven by geopolitical shifts and repeated economic sanctions.
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Steinmeier Warns: World Approaching a “Thieves’ Den” as International Order Erodes
German President Frank-Walter Steinmeier has warned that the world is approaching a dangerous phase in which it could turn into a “thieves’ den,” amid a sharp decline in respect for international law and the disintegration of the rules-based global order.
Steinmeier said there is a “rupture in values” with key partners—an apparent reference to the United States—which historically played a central role in building the international system and entrenching its rules, but no longer fulfills the same role in safeguarding that order.
He added that the world has moved beyond merely worrying about the erosion of the international system, stressing that contempt for international law and the breakdown of the global order have reached advanced and alarming levels.
The German president warned that the greatest danger lies in the transformation of the international system into an open arena of chaos, where the most unscrupulous seize whatever they wish, entire countries and regions are treated as the private property of a handful of major powers, mid-sized states are pushed to the margins of history, and weaker states are left without any protection.
Steinmeier concluded that the central challenge facing the international community today is preventing the world from sliding into a “law of the jungle” logic and preserving what remains of the rules-based international order.
