#brics #dollar The US, also known as the world's greatest bully, thinks that by imposing sanctions on any country that goes against its ideals, principles, and interests, it would be able to bend that country to its will. But the fact is that the US sanctions and domineering policies have only succeeded in making these countries detest the US and find ways to thrive without the influence of the US. In today's video, we look at two countries that have been subjected to economic sanctions from the United States but have continued to thrive and these nations just pulled a slick move that's an absolute game changer. As you know, the global financial scene is dominated by the US and the West and this has made it very easy for the West to try and break the economic strength of countries that go against their interest. However, Iran and Russia, both members of the BRICS alliance, recently made an announcement that will shake the current financial system. So, what did they do?
Russia and Iran just finalized the integration of their National Payment System. Now, why is this important? By linking their National Payment Systems, Russia and Iran have taken a significant step towards enhancing their economic cooperation and bypassing the US sanctions. If you recall, after Russia invaded Ukraine in 2022, the US imposed sanctions on Russia in response, and part of the sanctions included cutting Russia out of the SWIFT International payment messaging system. The SWIFT system, created in 1973, was established to facilitate the exchange of interbank messages containing secure payment and transfer information for settling international transactions. Iran was also cut off from the SWIFT system as part of targeted sanctions in 2012 and again in 2018 due to Tehran’s continuing pursuit of a nuclear program. In addition, Iran was targeted for supplying Russia with drones, which it says were delivered before the invasion of Ukraine in February 2022.
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