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New Global Currency Designed To Ditch US Dollar, Avert Sanctions Emerging As BRICS Leaders Prepare To Meet: Report

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A group of economically-aligned nations known as BRICS is reportedly hammering out the details on a new currency designed to drop dependence on the US dollar.

South African Ambassador to China Siyabonga Cyprian Cwele says BRICS members will meet this month to discuss the specifics, reports the Chinese state-backed Global Times.

On the agenda is a debate on whether a digital currency would effectively facilitate global trade and settlement while reducing the risk of sanctions.

“The BRICS are advancing the progress of its common currency, while actively promoting the use of local currencies from member states to reduce the risks of solely relying on the US dollar…

Cwele stressed the importance of supporting the use of local currencies with open financial data sharing, while looking into digital currencies as ways to explore multiple and stable mechanisms for trade and settlement to reduce the risks such as sanction by just relying on a singular currency.”

The push for a new currency comes amid a period of expansion for BRICS, which stands for Brazil, Russia, India, China and South Africa.

Last year, the organization added Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates.

And according to Cwele, more than 20 additional countries have now “expressed an interest” in joining.

Cwele says BRICS leaders are working to create new guidelines for adding additional countries that are non-discriminatory and address issues aside from economics.

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US Senator Issues BRICS Warning, Says Economic Alliance May Damage America’s Ability to Weaponize Dollar

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Florida Senator Marco Rubio just issued a warning about the growing global economic alliance known as BRICS.

In a new article on RealClearWorld, the Republican senator says the recent expansion of BRICS poses a threat to the SWIFT payment system and America’s ability to weaponize the dollar to sanction people and nations.

“As of New Year’s Day, Saudi Arabia, the United Arab Emirates, Ethiopia, Egypt, and Iran – the greatest danger to U.S. personnel in the Middle East and the greatest sponsor of international terrorism – have swelled BRICS’s ranks.

This doubles the trade group’s size, enhancing its attractiveness as an alternative to the American and European-led financial system. If current trends continue, it will become harder and harder for the United States to prevent international violence and oppression through sanctions.” 

Rubio accuses China of leveraging BRICS to sustain Russia’s military campaign in Ukraine.

“Now effectively controlled by Beijing, BRICS’s members pool foreign currency reserves and lend billions in easy money to pit developing nations against the United States and other Western countries.

These measures are allowing China to bankroll Russia’s campaign of death and destruction in Ukraine, despite punishing sanctions on Moscow.” 

Last year, BRICS approved the admission of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates in a move to challenge the US-led world order.

Argentina pulled out of its plans to join BRICS at the 11th hour after President Javier Milei took office last month, leaving the economically aligned nations with five new members.

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