Turkey and Saudi Arabia Step Back from BRICS: What This Means for De-Dollarization
As 2025 looms, the landscape of global financial alliances is shifting yet again. Turkey, once poised to join the BRICS bloc alongside Saudi Arabia, has reversed course, leaving the economic coalition without two critical players. For those tracking the decline of the U.S. dollar’s dominance and the rise of BRICS’ influence, this move is a stark reminder of the geopolitical complexities shaping the de-dollarization movement.
Turkey spent much of 2024 exploring membership in BRICS, a coalition of emerging economies aimed at challenging Western financial hegemony. Despite early enthusiasm, Turkey ultimately declined to formalize its participation. Similarly, Saudi Arabia accepted an invitation to BRICS during the 2023 summit but froze its application shortly after. With both nations stepping back, questions about the future of BRICS and its broader goals are growing louder.
U.S. Pressure Stifles BRICS Expansion
Turkey’s withdrawal from BRICS membership marks a missed opportunity for the bloc to include its first NATO country, signaling a broader trend. Nations like Nigeria, Vietnam, and Algeria—once considered strong candidates for membership—have also declined to join. At the heart of this hesitation lies mounting U.S. pressure.
The impending return of Donald Trump to the White House, along with his vow to impose 100% tariffs on countries seeking to de-dollarize, has introduced new risks for nations aligning with BRICS. Aligning with the coalition is no longer just an economic choice—it’s a geopolitical declaration. And for countries like Turkey and Saudi Arabia, the cost of that declaration may currently outweigh the benefits.
Implications for De-Dollarization
Saudi Arabia and Turkey’s retreat from BRICS is a significant blow to the coalition’s de-dollarization ambitions. Both countries wield enormous economic influence—Saudi Arabia as a global energy giant and Turkey as a critical bridge between East and West. Their membership could have significantly bolstered BRICS’ goal of reducing dependency on the U.S. dollar in global trade.
Despite these setbacks, BRICS has managed to bring nine new nations into its fold, strengthening its presence in the Global South. However, without heavyweights like Saudi Arabia and Turkey, its ability to challenge the dollar’s dominance remains questionable.
What Comes Next?
As 2025 begins, the BRICS alliance faces a critical crossroads. While its vision of a multipolar world is enticing to many, the risks of alienating the U.S. and its allies are proving a formidable deterrent. For nations like Turkey and Saudi Arabia, the calculus is clear: for now, maintaining the status quo outweighs the uncertain benefits of joining BRICS.
This development underscores the fragility of the global financial system and the rising tension between traditional power structures and emerging alternatives.
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