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In a series of high-profile meetings that could reshape global economic dynamics, Iran’s President Ebrahim Raisi and Russia’s President Vladimir Putin have engaged in discussions that signal a potential shift away from the U.S. dollar’s dominance. This move comes as part of a broader strategy involving the expanded BRICS alliance, which Iran is set to join some time next year. Strategic Meetings and Geopolitical Maneuvers The recent meeting in Moscow between Raisi and Putin marks a significant moment in the geopolitical chess game. It not only signifies the strengthening of ties between Iran and Russia but also underscores their shared interest in challenging the U.S. dollar’s hegemony. Interestingly, this gathering followed Putin’s visit to Saudi Arabia and the United Arab Emirates, a strategic move considering these nations’ close ties with the United States. However, these countries are also increasingly aligning with Russia, indicating a shift in the regional power balance. The BRICS alliance, primarily driven by Russia’s initiatives, has been at the forefront of this change. The bloc’s expansion and its push for de-dollarization have been crucial elements of Russia’s foreign policy. Iran’s inclusion in this alliance is a clear indication of its commitment to reduce the dollar’s influence in global trade. This move aligns with the strategies of other BRICS nations that have been gradually reducing their reliance on the U.S. dollar, particularly following the sanctions imposed on Russia. The Dollar’s Diminishing Dominance The discussions in Moscow between the Iranian and Russian leaders likely delved into strategies for global de-dollarization. The sanctions against Russia have accelerated the use of local currencies in BRICS initiatives, diminishing the dollar’s role in international trade. Iran, with its ambitions and capabilities, is poised to play a significant role in these de-dollarization efforts. This shift in economic alliances and strategies isn’t confined to the…

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Filed under: News - @ December 9, 2023 3:18 am