متون
Volume 19, Numéro 2, Pages 198-216
2026-06-30
The Brics Payment System: Impact On The American Swift System And Us Policy In The Middle East
Authors : Sadoon Shiaa Foud .
Abstract
The BRICS bloc (Brazil, Russia, India, China and South Africa) is developing a new international financial architecture through the creation of the New Development Bank (NDB) and the Contingency Reserve Arrangement (CRA). Through these initiatives, the emerging markets are taking advantage of an opportunity to break away from Western dominated international monetary and financial systems – particularly the U.S. controlled SWIFT system – to enhance their economic independence by increasing trade among themselves using their own currencies. This development has direct implications for American's global political influence and specifically in the Middle East where U.S. dominance has been based on control of oil flows and maintaining dollar hegemony. The BRICS initiative is to weaken Washington's ability to fund its military presence and exert geopolitical influence over countries in the region by allowing oil producing countries to trade in their national currency, thereby reducing the U.S.'s ability to use dollars to purchase influence. Based on my research, I believe that the U.S. is facing unparalleled challenges in the region resulting from a combination of failed military interventions, shifting allegiances and growing influence by China and Russia in the region. The BRICS payment system will also likely play a major role in the broader movement toward a multipolar world order, which will force the U.S. to consider alternative approaches to its current strategy in the region. It is possible that this trend may reshape the way power is distributed both in the Middle East and internationally throughout the global economy.
Keywords
BRICS Payment System ; Global Financial Shifts ; Alternate Payment System ; Multipolar Financial Order ; Economic Sanctions
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