The inclusion of new states in BRICS, including Saudi Arabia and the UAE, would reduce member states’ dependence on the dollar and allow them to ignore Western sanctions. The agency reports that Bloomberg.
The article argues that doubling the size of the BRICS would not make it a greater threat to Western countries, but could reduce its influence over Russia and Iran. Bloomberg emphasizes that this is important given the ongoing conflicts in Ukraine and the Gaza Strip.
In particular, the New Development Bank, established within the framework of BRICS, will implement projects without using the US dollar as a reference and join the organization of oil-rich countries in the Middle East, which will increase capital inflow.
Currently, almost a quarter of the New Development Bank’s loans are denominated in local currency, Bloomberg notes. This is a step towards creating cash flows independent of Washington, which is crucial for Moscow, which now chairs the BRICS.
Previously reportedAll three countries of the United Nations (UN) decided to rely on the development of their own means of payment.
Previously BRICS extended Up to 11 countries.