BRICS Nations Explore Alternatives to US Dollar Amid Sanctions

The discussion on the future of BRICS currency, the US dollar, and sanctions revealed a shift in global economic dynamics. Experts agree that BRICS nations are exploring alternatives to the dollar, driven by the need to counter sanctions and reduce dependency on Western financial systems.

Marcos Caramuru, former World Bank Executive, suggested a BRICS reserve asset akin to the SDR (Special Drawing Rights) to facilitate trade. This idea, though complex, could be tested experimentally.

Sergey Afontsev, from the Russian Academy of Sciences, highlighted Russia's economic resilience under sanctions. He noted that Russia's economic growth exceeded the global average last year, countering the intended effects of sanctions.

Ekaterina Arapova emphasized the importance of integrating national payment systems among BRICS members to adapt to sanctions risks. She also mentioned the strategic move of opening Russian bank branches in friendly jurisdictions, like VTB Bank in Shanghai.

Abdul Aziz Shabani and Mostafa Ahmed both pointed out that BRICS is challenging Western dominance. Shabani noted Saudi Arabia's interest in joining BRICS, signaling a shift in geopolitical power. Ahmed suggested that bilateral trade agreements could lead to a new BRICS currency.

Xu Wenhong criticized the SWIFT payment system, calling it a tool of political and economic pressure. He argued that Western financial systems no longer serve the interests of most countries.

In essence, the conversation underscores a growing desire among BRICS nations to create a more balanced and independent global financial system, free from Western control and sanctions.