Saudi Arabia Skips BRICS Sherpas Meeting: Impact on Crypto

• Saudi Arabia Opts Out of the Ongoing BRICS Sherpas Meeting
• Attendees of the BRICS Sherpas Meeting
• Potential Denial of BRICS Membership by Saudi Arabia
• Why Saudi Arabia Chose not to Attend the BRICS Sherpas Meeting
• Saudi Arabia's Pending BRICS Decision

Saudi Arabia Opts Out of the Ongoing BRICS Sherpas Meeting

Saudi Arabia has chosen not to participate in the current BRICS Sherpas meeting, which is taking place from January 30 to February 1, 2024. The event, hosted by Russia, welcomes delegates from nine countries, with Saudi Arabia being the only exception.

Attendees of the BRICS Sherpas Meeting

Delegates from BRICS nations including Brazil, Russia, India, China, South Africa, along with the UAE, Egypt, Iran, and Ethiopia are in attendance. Despite having previously participated, Saudi Arabia has opted to abstain from this Sherpas meeting.

Potential Denial of BRICS Membership by Saudi Arabia

In the weeks to come, Saudi Arabia is expected to decline BRICS membership. The nation is wary of jeopardizing its relationship with the West, especially since it recently decided to open its borders to tourism.

Why Saudi Arabia Chose not to Attend the BRICS Sherpas Meeting

Russia's Deputy Foreign Minister, Sergey Ryabkov, confirmed on Tuesday that Saudi Arabia's absence is due to "technical issues". He chose not to expand on the nature of these issues, despite further media inquiries.

However, more light was shed on the situation by Sergei Ryabkov, the Deputy Minister of Foreign Affairs of Russia. According to him, Saudi Arabia has participated in previous BRICS events, including those following its group entry on January 1. He proposed that there might be various reasons for Saudi Arabia's absence at the Sherpa meeting although he characterized it as a technical issue.

Reading between the lines, this could imply that Saudi Arabia is currently weighing its options regarding BRICS membership.

Saudi Arabia's Pending BRICS Decision

While all other countries joined BRICS on January 1, 2024, through expansion, Saudi Arabia remains undecided. In a similar vein, Argentina was the first nation to decline BRICS membership due to scepticism from the newly-elected President, Javier Milei.

Edited by Jonathan Stoker