Saudi Crown Prince and Putin Discuss US Dollar: Impact on Crypto

• BRICS Alliance and the De-dollarization Initiative
• Russian President's Visit to Saudi Arabia
• Saudi-Russia Relations in the Context of De-dollarization
• The Impact of Saudi Arabia's Inclusion in BRICS

BRICS Alliance and the De-dollarization Initiative

The Saudi Crown$0.0030 15.11% Prince, Mohammed bin Salman Al Saud, recently held a discussion with Russian President Vladimir Putin. The discussion was part of an effort to end the dominance of the US dollar and focused on the strengthening of ties amidst heightened cooperation. The discussions are in line with the BRICS alliance's continuous strides towards de-dollarization. This initiative is particularly significant due to the increasing sanctions on Russian currency from the West, necessitating a shift towards local currencies for bilateral trade.

Russian President's Visit to Saudi Arabia

The rare visit of President Putin to Saudi Arabia could hold significant geopolitical implications and potential impacts on the US dollar. The BRICS bloc has been aggressively driving its de-dollarization agenda over the past few months, aiming to reduce the dominance of the US dollar in international trade. Putin's visit to the Middle East, his first since 2022, is likely to highlight these endeavors on a global stage.

Saudi-Russia Relations in the Context of De-dollarization

The recent meeting between Saudi Crown Prince and President Putin marked a crucial step towards ending the US dollar dominance. A notable part of their discussion was about shifting away from the US dollar, especially considering the sanctions placed on Russia. While Saudi Arabia maintains a robust relationship with the United States, it has declined to enforce Western sanctions that began with the Ukraine conflict. As a result, it joined the BRICS bloc at its 2023 annual summit, marking a significant growth in relations with Russia.

The Impact of Saudi Arabia's Inclusion in BRICS

The BRICS alliance has been vocal in its campaign to minimize the international reliance on the US dollar. Saudi Arabia's inclusion in the alliance, coupled with its strengthening relationship with Russia, suggests its commitment to this objective. The role and influence of Saudi Arabia could be crucial for the progress of the de-dollarization plan.

Edited by Jonathan Stoker