US Senator Warns of Potential Damage to America’s Ability to Weaponize Dollar by BRICS
Florida Senator Marco Rubio has expressed concerns about the expanding global economic alliance, BRICS, and its potential threat to the SWIFT payment system and America’s ability to use the dollar as a tool for imposing sanctions. In an article on RealClearWorld, Rubio highlights the recent addition of Saudi Arabia, Iran, Ethiopia, Egypt, and Argentina to BRICS, which doubles the trade group’s size and strengthens its position as an alternative to the American and European-led financial system.
Rubio accuses China of using BRICS to support Russia’s military campaign in Ukraine. He claims that China, which now effectively controls BRICS, enables member countries to pool foreign currency reserves and provide large amounts of easy money to developing nations. This allows China to financially support Russia’s actions in Ukraine despite international sanctions against Moscow.
BRICS Expansion and Challenge to US-led World Order
Last year, BRICS approved the inclusion of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates in an effort to challenge the US-led world order. However, Argentina withdrew its plans to join at the last minute after a change in leadership.
Hot Take: Potential Impact on American Sanctions
The expansion of BRICS poses a significant concern for the United States as it threatens America’s ability to enforce sanctions using its dominant position with the dollar. With more countries joining BRICS and relying on alternative financial systems, it becomes increasingly difficult for the US to prevent international violence and oppression through sanctions. Furthermore, China’s influence within BRICS allows it to support Russia’s military campaign in Ukraine despite existing sanctions against Moscow. The growing strength of BRICS presents a challenge to the US-led financial order and could potentially reshape global economic dynamics.
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