Several countries rallied against the U.S. dollar at the Brazil, Russia, India, China and South Africa (BRICS) summit in South Africa on Tuesday, according to reports.
Representatives from Nigeria, Brazil and Russia all indicated a desire to decrease dependence on the dollar in their remarks at the BRICS summit, according to multiple media reports. The representatives expressed discontent with using dollars for trade, promoted the movement away from the dollar and advocated for adopting a new digital currency for trade between BRICS countries.
“I want to buy from India. Why should I use dollars?” Former Nigerian President Olusegun Obasanjo asked at the summit, which received applause from the audience, according to Bloomberg.
More than 40 countries, such as Iran, Saudi Arabia, Argentina and Cuba, have suggested they want to join BRICS as a counterbalance to traditional western dominance, South African officials asserted, according to Reuters.
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum,” Russian President Vladimir Putin said in a recorded speech, according to Reuters. Putin did not attend the summit due to an International Criminal Court arrest warrant for his actions in Russia’s war with Ukraine.
“I have defended the idea of adopting a reference unit of account for trade, which will not replace our national currencies,” Brazilian President Lula da Silva stated at the summit, promoting a digital currency to use between BRICS countries, Bloomberg reported. (RELATED: More Countries Flock To China’s Anti-US Dollar Alliance Ahead Of Major Meeting)
This BRICS summit is truly historical and will have major repercussions for years to come.
Never have so many countries applied to join.
After seeing $300b stolen from Russia, they know that their over-reliance on the dollar is dangerous. America’s weaponization of its…
— Richard Medhurst (@richimedhurst) August 23, 2023
President Joe Biden’s administration’s sanctions against Russia as a punishment for invading Ukraine are a primary contributor to undermining the dollar’s strength, according to economists. The U.S. seized Russian central bank assets and was involved in banning Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global financial messaging system, in February 2022.
The Treasury Department did not immediately respond to the Daily Caller News Foundation’s request for comment.
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