De-dollarization, a geopolitical and geoeconomic battle between the U.S. and the BRICS countries

Abstract

The unjust international economic order is the source of the vast majority of contemporary global problems. At its center is the hegemony exercised by the United States government over the International Financial System, which has been practically absolute since the end of World War II. However, in recent decades, the development of China, India, Brazil, the European Union and Japan, among other actors, has generated growing multipolarity in the economic and commercial sphere. On the military level, however, despite the geopolitical disaster that represented the disintegration of the USSR and the socialist camp at the end of the last century, the Russian Federation, its heir, maintains parity with the United States in strategic nuclear weapons. The financial hegemony of the United States is the basis of its domination, which has allowed it to impose unilateral coercive measures on its adversaries with global effects. In this context, this work succinctly analyzes some of the steps that the BRICS countries have taken, both individually and as a group, to begin the path towards the de-dollarization of their international trade and finance, and what are the opportunities and the threats that are created for Cuba's foreign policy.