BRICS Expansion and De-Dollarization Efforts Challenge USand EU Economic Dominance

The BRICS bloc is ready to continue its expansion in 2024. Successfully inducting multiple new nations in January, the bloc is expected to invite more countries to join sometime this year. With more countries showing interest in BRICS and its missions, the United States and the European Union are facing a new developing threat.

BRICS is advancing at a rapid pace in its de-dollarization efforts by cutting ties with the US dollar. The new members have begun settling trade in local currencies by ending dependency on the greenback. Furthermore, India, China, Russia, and the UAE have started using their respective local currencies, reducing their reliance on the US dollar.

United States Voices Concerns Amidst BRICS Expansion

Multiple political/economic voices in the United have shared their concerns about the future of BRICS and its impact on the United States. As BRICS continues to grow, some are sure that its growth will pose an immediate threat.

US Politician Marco Rubio shared a warning to the US recently about BRICS, saying that its growth might interfere with the ability to exert sanctions on other nations. “If current trends continue, it will become harder and harder for the United States to prevent international violence and oppression through sanctions,” Rubio wrote in a recent op-ed article/open letter.