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In light of recent sanctions on Russia, the United States (USA) is contemplating imposing sanctions on another BRICS member, China.
This comes as the alliance continues to distance itself from reliance on the US dollar and amid growing cooperation between China and Russia.
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Following heightened sanctions from the US Treasury Department, Russia has intensified its de-dollarization efforts. This week, the Moscow Stock Exchange suspended trading in US dollars and Euros, underscoring the escalating geopolitical tensions.
BRICS, over recent years, has endeavored to enhance its global influence, partly by reducing dependence on Western currencies. In response, the West is now considering countermeasures. With Russia facing new sanctions, the US is reportedly mulling over sanctions on China. The Financial Times highlights China’s support for Moscow as a perceived “long-term threat” to G7 security.
The G7 nations are reportedly alarmed by China’s assistance to Russia amid its conflict with Ukraine, potentially leading to actions against China. Discussions on this matter are expected during the bloc’s final summit meeting in Puglia.
President Biden has addressed China’s involvement, emphasizing its role in enabling Russia’s weapon production and labeling it a “critical issue.”
Meanwhile, the BRICS alliance has openly expressed its stance against the US and the dollar, striving to promote the use of local currencies. Recently, the alliance signed a significant trade agreement aimed at advancing this objective.
