Brics Officially Announces Its Currency To Unseat The Us Dollar

Подробнее о видео

#brics #africanews #usadollar

It's no longer news that countries around the world, especially those from the Global South and non-Western countries such as China and Russia, have been looking for ways to reduce the hegemony of the West, particularly the United States. Although it has been a long time coming, the need became more apparent in 2022 after the Russia-Ukrainian war began, and the United States responded by hitting Russia with sanctions and freezing all its assets. The reason why the US could do that is that Russia, like every country in the world, stores the majority of its assets in the US dollar as a result of the Petrodollar agreement which essentially made it mandatory for all countries to purchase oil with the US dollar. This agreement practically cemented the United State's status as the world superpower because at the time the agreement was made the dollar had already risen to prominence as the reserve currency of most countries. It also increased the value of the dollar against other currencies thus leading to the hegemony of the United States.

As the world power in terms of military and economics, the United States has used its power as a weapon and political tool against other countries that stand against its interests and allies. Several countries around the world including China, Russia, Zimbabwe, and others have suffered under the hegemony of the US as it uses sanctions as a weapon. The case of Russia made it glaringly obvious to the world that if it could happen to Russia, it could also happen to them and, this is how the de-dollarization campaign began with BRICS, an alternative to the existing global order, at its helm.