De-dollarization has also been influenced by the financial sanctions imposed by the Western world against Russia over the war in Russia and Ukraine. Especially those who want to do business with Russia like Brazil and India are using some other currency instead of dollar because the US has restrict them from using dollar with the country. The United States is forcing other countries not to use the dollar. Moreover, he also mentioned the countries of the BRICS alliance which now want to move away from the use of the dollar. They want to use some other currency instead of dollar for trade. They did not want to use such rules themselves. He thinks that such a situation has been created due to various policies of the United States.
Moreover, various economists of the world have made such predictions where they blame the different policies of the United States for the de-dollarization.
Do you think the US is hurting itself with sanctions?
I don't like talking about the BRICS alliance because the union is a toothless bulldog. We have had some about the alliance having their currency for a long time, but nothing has come to this news. Most of thier resolutions have not been implemented due to a lack of unity among BRICS nations. I have not seen any harm these sanctions have caused to the dollar because the US is still increasing its trade partnerships and influence in many nations.
If we review the objectives of BRICS, the points that will be highlighted are:
1. To increase economic cooperation with those countries.
2. To solve the differences between developed and developing countries of those BRICS member.
3. To develop in information and technology
4. To increase trade in business among those countries
5. To develop education with those countriesConsidering the above points, BRICS has to face various problems if the union wants to fulfill it's mission. Which is not an easy task.
BRICS wants to use its own currency. Even if they promise to use their own currency instead of the US dollar, it is not an easy task to implement. Although they have talked about establishing an international bank like the World Bank and the Asian Development Bank, there has been no progress. Officially, the alliance has been magnified, but many critics believe it is more than just lip service. Because mutual trust and confidence has not been achieved between the countries.
While BRICS has an economic alliance, there are clear political implications. When political matters come to the fore, the progress of all these matters will also come to a halt. There is a big difference of opinion with some countries and another big thing is that there is a big lack of democratic spirit among the countries under BRICS, so we think it is not an easy task to reduce the dominance of dollar through BRICS.