Contratos internacionais privados no BRICS+ entre a desdolarização e a nova LEX Mercatória

Abstract

This research aims to analyze the legal impacts arising from the use of local currencies in international contracts concluded among
BRICS+ countries, particularly considering the contemporary process of de-dollarization of the international economy. The study is based on the understanding that the hegemony of the US dollar has structured not only the global financial order but also mechanisms of predictability and contractual stability in international trade. The increasing adoption of national currencies such as the Real, Yuan, Ruble, and Rupee generates new challenges related to exchange rate volatility, state monetary sovereignty,
and the enforcement of international contracts. The research will seek to investigate the conflict between the principle of pacta sunt servanda and the exercise of monetary sovereignty by States, especially in contexts of economic crises, currency restrictions, and monetary devaluation. The theoretical framework will be built upon Karl Polanyi’s conception of the economy as an instituted process, in addition to the analysis of the rebus sic stantibus clause and contractual stabilization clauses. The central hypothesis argues that de-dollarization requires the construction of a new lex mercatoria aimed at the private redistribution of exchange rate risk and the harmonization between international arbitration and domestic law of States.