The US is repeatedly using the dollar as a weapon. The last time the U.S. blocked all Russian dollar deposits was due to the Ukraine-Russia war. The U.S. and allies imposed tough economic sanctions on Russia centered on the dollar.
Afghanistan, Iran, and North Korea have similarly imposed severe restrictions on the use of the dollar. Due to this kind of behavior of the United States, developing and underdeveloped countries are very worried.
The opposition alliances of the allies have come together to strengthen their ties and have been able to carve out separate platforms for themselves. Russia, China, and Iran are the most active in this alliance. India, South Africa, and Turkey are working together with them.
The opposition coalition in the West is eager to take action on how to reduce the dominance of the dollar. Putin wants to introduce a strong currency system against the dollar. They have begun the process of doing business in local currencies other than dollars among themselves. As a result, the need for dollars is running out.
The BRICS is working on new innovations to counter the dominance of the dollar and the US-led banking system. Putin is keen to introduce a strong currency like the euro against the dollar that BRICS members will use.
Turkey and Iran are interested in joining BRICS in the near future. Many opposing allies, including Russia and China, have gathered in Samarkand, Uzbekistan, and discussed issues of mutual interest.
The United States no longer has the singular influence it once had in the Arab world. Saudi Arabia and the United Arab Emirates are keen to break away from the dominance of the dollar and sell oil in other currencies.
Bangladesh, on the other hand, wants to continue trading with India and China in local currencies other than the dollar. With the US repeatedly using the dollar as a weapon, developing countries are looking for alternative ways to secure the future of their economies.
If Russia and China can really come up with new strong currencies against the dollar, then the dominance of the dollar will continue to slowly decline. BRICS can play the most effective role in this regard.