The Role of China, Russia, and India in the Transition to aMultipolar financial Order in West Asia: An Analysis Based on Gilpin's Theory of International Order Transformation

Aksa, Narges; Hariri, Rahman

doi:10.22034/wasj.2026.586658.1142

The Role of China, Russia, and India in the Transition to aMultipolar financial Order in West Asia: An Analysis Based on Gilpin's Theory of International Order Transformation

Document Type : Original Article

Authors

Narges Aksa ¹

Rahman Hariri ²

¹ Ph.D student in Political Sociology, Razi University, Kermanshah, Iran

² Assistant Professor, Department of Political Science and International Relations, Razi University, Kermanshah, Iran.

10.22034/wasj.2026.586658.1142

Abstract

In the past few decades, the hegemony of the dollar has been recognized as a fundamental pillar of the international financial system. However, geopolitical shifts, widespread financial sanctions, and the rise of emerging economic powers have gradually eroded this dominance. Western Asia, due to its geostrategic location and central role in global energy supply, is one of the main arenas of these changes. This study, by employing the approach of international political economy and the theory of financial multipolarity, examines the transition from dollar dominance to the emergence of parallel payment systems in Western Asia. The question posed in this research is how eastern players challenge the dollar's dominance through the development of alternative financial tools. In response, it is hypothesized that the growth of alternative payment networks and regional financial institutions will lead to a decline in the dollar's dominance and strengthen financial multipolarity. This research employs a descriptive-analytical approach, and the findings indicate that parallel financial institutions, by enhancing the financial autonomy of the regional countries and reducing their vulnerability to dollar-based pressures, have paved the way for a transition toward financial multipolarity.

Keywords

Dollar hegemony

financial multipolarity

parallel financial institutions

western Asia

Eastern players

Subjects