BRICS Challenges Dollar Dominance: Russian Officials Signal Shift from U.S. Currency 💵 💲

In a bold critique of the U.S. dollar's role in global finance, Russian Foreign Minister Sergey Lavrov suggested that its position as the world’s reserve currency may be diminishing. According to Lavrov, the West’s use of the dollar as "a weapon of oppression" against geopolitical adversaries has significantly undermined its credibility and function as a common global currency. "The dollar, once promoted as a universal asset, has been converted into an instrument of geopolitical punishment," Lavrov stated, as reported by Tass. He implied that such actions might have effectively issued "a death warrant" for the dollar in its role as a global reserve and a standard for international transactions.

Lavrov also underscored BRICS’ efforts to shift towards using national currencies in interbank transactions, a priority during Russia’s tenure as the bloc's presiding nation. These moves aim to develop resilient financial systems that operate independently of the dollar.

Further emphasizing this momentum, Russian Deputy Chief of Staff Maxim Oreshkin noted the growing economic clout of BRICS, highlighting that the bloc's economies, particularly those in South Asia and Africa, are leading global economic growth. Oreshkin pointed to the substantial rise of economies like Nigeria and Ethiopia as evidence of BRICS’ expanding influence.

Lavrov remarked on the potential for BRICS expansion, as numerous countries express interest in joining the bloc due to its rising prominence on the world stage. However, he clarified that while new countries might enter as partners, certain high-level discussions will remain exclusive to full members, with further expansion talks set for 2025.

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