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this post was submitted on 19 Oct 2024
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This is a sort of chicken-and-egg problem. Oil-producing nations don't want to join the BRICS financial system if the benefits and usage of the new system are not better than the current system. This wasn't an issue with the first US-created system because no international financial system existed before.
That's why BRICS is courting Saudi Arabia as a member, and will definitely have Iran join eventually. Having Russia, one of the world's largest oil producers, as a member definitely helps this along. Russia, China, and Brazil combined already produce more oil than the USA.