The global financial landscape has long been shaped by the supremacy of the U.S. dollar. Yet, in the wake of western sanctions against Russia and economic uncertainty in the U.S., emerging markets are increasingly motivated to reduce their reliance on the dollar and explore avenues for financial independence. This plan, led by the so-called BRICS countries – Brazil, Russia, India, China, and South Africa – is well-intentioned but is not the right answer.
