BRICS moves to challenge US dominance, signals shift toward multipolar global order

The 16th BRICS summit, has held in Kazan from October 22-24, has spotlighted a significant geopolitical shift, signaling a potential move away from the U.S.-dominated financial system.

Hosted under Russia’s presidency, the event welcomed leaders from 24 countries and delegations from 32 nations, marking the first summit under the expanded BRICS+ format.

With Egypt, Ethiopia, Iran, and the UAE joining the bloc, BRICS+ now represents over 40% of the global population, positioning itself as a formidable counterbalance to the Western-led global order. The summit’s agenda reflects this challenge, with discussions on creating a BRICS payment system, de-dollarization, and alternatives to the IMF, underscoring the bloc’s desire for a new multipolar financial architecture.

Russian State Duma Speaker Vyacheslav Volodin made the stance clear, declaring on Telegram, “The time of Washington and Brussels hegemony is passing.” This statement reflects a growing sentiment among BRICS nations, as they seek to redefine global economic and political norms, in contrast to the “rules-based” order dominated by the U.S. and its allies.

The summit also addressed escalating tensions in the Middle East, particularly the ongoing conflict between Israel and Gaza. Iran, a newly inducted BRICS+ member, aims to solidify its strategic partnership with Russia during the summit, although concerns over Iran-Israel hostilities have prompted Russia to consider delaying formal agreements.

As BRICS expands and deepens its cooperation with countries from the Global South, the world is witnessing a pivotal shift in power dynamics, with the bloc emerging as a potential challenger to the Western-dominated system.