US dollar's future at risk as BRICS plans currency shift
As BRICS nations ramp up efforts to reduce dependence on the U.S. dollar, Russian officials argue that America’s currency dominance is waning due to its politicized use in global affairs.
“The dollar, which for decades has been advertised to us as the common property of all mankind, has been turned into a weapon of oppression and punishment of geopolitical competitors and simply disobedient ones,” Russian Foreign Minister Sergey Lavrov stated on Monday, according to Tass.
Lavrov claimed that the West’s reliance on the dollar as a “weapon of oppression” has weakened its role as the world’s reserve currency.
This approach, according to Lavrov, has “essentially written a death warrant for the dollar as a global reserve currency and a means of international settlement.”
He further noted that such actions are undermining the globalization system the West once championed.
In response, BRICS nations have intensified their move toward alternative currencies.
“Everybody wants to create alternative payment mechanisms, interbank settlements with the use of national currencies,” Lavrov explained, highlighting the group’s collective push under Russia’s current BRICS presidency.
Maxim Oreshkin, Russian Deputy Chief of Staff, supported Lavrov’s comments, emphasizing BRICS’ economic influence on a global scale.
“BRICS countries are continuously dominating the global economic growth and are already leaders in the world economy,” Oreshkin stated, noting the rapid economic expansion in South Asia and Africa, particularly in countries like Nigeria and Ethiopia.
Lavrov suggested that BRICS’ influence has attracted numerous nations, with many expressing a desire to join the bloc.
“People in countries of the global East vote primarily for politicians proclaiming their plans to establish closer relations with BRICS one way or another,” Lavrov added, signaling that expansion talks will continue in 2025, although some high-level meetings will remain limited to full members.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Crosses $3,400 as WFL Makes Second Major ETH Investment
Ripple CEO Reveals the Truth About the Amount of XRP on the Company's Balance Sheet
Tether to Build 70-Story Skyscraper in El Salvador, Symbol of Prosperity
Tech giants bounce back after AI disruption, S&P 500 nears record high
Share link:In this post: Last week, the largest tech firms in the US experienced huge challenges from Chinese AI, DeepSeek. Apple and Meta reported positive results, boosting the S&P 500. The Magnificent Seven’s price-to-earnings ratio is now 31.