From RIC to BRICS: Can Emerging R-Block Overcome US Tariffs Through Dedollarisation? EXPLAINED

The evolution from the RIC (Russia, India, China) to the expanded BRICS bloc, now including Brazil, South Africa, Saudi Arabia, the UAE, Egypt, and Iran, reflects a strategic push by emerging economies to challenge the dominance of the US dollar. By forming this stronger alliance, these nations are aiming to reduce their reliance on the US dollar and promote the use of local currencies for international trade. This shift towards local currency settlements and discussions around a shared reserve currency is known as dedollarisation, a strategy that seeks to create more financial independence from the US.