BRICS: Russia Advocates for Saudi Arabia's Crypto Inclusion

• Russia Reemphasizes Importance of Saudi Arabia's Inclusion in BRICS Expansion
• Russia's Efforts in Integrating Saudi Arabia into BRICS
• Saudi Arabia's Vital Role in BRICS
• Potential Change in Saudi Arabia's Position

Russia Reemphasizes Importance of Saudi Arabia's Inclusion in BRICS Expansion

In recent announcements surrounding the enlargement of the BRICS alliance, Russia has reiterated its emphasis on the inclusion of Saudi Arabia, as reported by Reuters. The country has articulated the significance of incorporating the invited nation into the economic alliance. Saudi Arabia was amongst the six nations extended an invitation to join the BRICS alliance at the 2023 annual summit, along with Argentina, Egypt, the United Arab Emirates (UAE), Ethiopia, and Iran. Argentina is currently the lone country to have declined the invitation. Meanwhile, Saudi Arabia has clarified that it has not yet officially acceded to the bloc since the onset of the new year.

Russia's Efforts in Integrating Saudi Arabia into BRICS

In 2023, the BRICS alliance experienced a pivotal year. Amid an increasing prominence, the economic group's de-dollarization plans captured media attention. Additionally, the much-anticipated expansion plan emerged as one of the leading geopolitical events of the year. However, the initiation has not been smooth sailing. One nation has already turned down its invitation following the expansion announcement. Additionally, Riyhad has communicated its official non-membership in the alliance, despite the set 2024 commencement date for added nations. In response, Russia, the BRICS president for 2024, has restated its dedication to the inclusion of Saudi Arabia.

Saudi Arabia's Vital Role in BRICS

Dmitry Peskov, the Kremlin spokesperson, specifically remarked that Saudi Arabia's integration remains very important. He also added that the efforts are ongoing into the new year. However, Peskov mentioned that he was unaware of any statements made by the Kingdom's Minister of Commerce at the World Economic Forum in Davos regarding its BRICS status.

Saudi Arabia's participation in BRICS is crucial. The nation provides the economic alliance with a significant member. Its impact on energy production and consumption can bolster the bloc in establishing its dominance. Furthermore, its proximity to the US reinforces its critical role in the alliance's de-dollarization plans.

Potential Change in Saudi Arabia's Position

Although Saudi Arabia has stated that it has not yet officially joined, the situation might alter in the forthcoming weeks. When the expansion was initially announced, the country seemed to be a notable addition. It is improbable that its role in the alliance would be jeopardized just a few weeks into the New Year.

Edited by Jonathan Stoker