For decades, the US dollar has dominated the global trade. This became possible after the establishment of the liberal world order. The US dollar enjoyed unparalleled dominance as the leading reserve currency of the world. The US Federal Reserve holds that 96% of international trade invoicing into the Americas, 74% in the Asia-Pacific region, and 79% in other countries was done in the US dollar. Moreover, the Atlantic Council also highlighted the dominance of the dollar by stating that it is used in 88% of currency exchanges and 59% of all foreign currency reserves in central banks around the world. The petrodollar agreement, which made it mandatory to buy oil in US dollars, was one of the most significant steps in cementing the dominance of the US dollar and the US-led unipolar world order around the world. The United States has been using this dollar dominance to impose economic sanctions on its rivals under the pretense of violation of international law. However, in a rapid turn of events, the dollar dominance is facing serious threats due to the announcement of a new currency by the BRICS.

The BRICS, established in 2009, is now one of the major threats to the US-led liberal world order and its institutions. All the liberal institutions, including the United Nations, the World Bank, IMF, ICJ, ICC, and FATF........

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