The dollar has taken on a weighty role in global finance, shaping a climate of mistrust around where wealth is kept and how it moves. This shift was highlighted by Dilma Rousseff during the XI Global Peace Forum in Beijing, representing the New Development Bank established by BRICS. Her remarks were conveyed by TASS through a recent briefing.
Rousseff noted that the weaponization of the US dollar, compounded by the sanctions that accompany geopolitical frictions, has driven up the prices of essentials such as food and energy while unsettling the efficiency of supply chains across borders.
She pointed out that the practice of freezing or blocking assets owned by sovereign states has created a broader sense of doubt about the safety of storing funds in Western financial institutions. This skepticism is not limited to a single region; a growing number of countries question whether their reserves and investments are adequately protected amid shifting geopolitics.
According to her assessment, leading global institutions—the United Nations, the International Monetary Fund, the World Bank, and the World Trade Organization—have not yet shown decisive capability to shield international assets or halt the trend toward geopolitical fragmentation. Yet she emphasized that these challenges can be addressed through coordinated action by the international community, if stakeholders choose to cooperate rather than contend.
In parallel, comments attributed to Russian businessman Oleg Deripaska in late April suggested a transition away from the dollar’s dominance in global settlements. He argued that this shift is already underway and predicted that within five years the world monetary system could become more balanced, reducing the central role traditionally played by the dollar.
Earlier discussions echoed the idea that a BRICS-led path toward a shared currency could influence global economic dynamics, potentially impacting the scale and structure of the US economy. The broader conversation frames a long-term rethinking of reserve currencies and how nations diversify away from dependence on a single liquidity hub.