BRICS Summit Raises Possibility of Petrodollar Replacement

The BRICS countries – Brazil, Russia, India, China, and South Africa – will discuss creating a common currency at a summit in August in South Africa, according to Russian Foreign Minister Sergey Lavrov. He said that “serious, self-respecting countries” are well aware of what is at stake, and want to create their own mechanisms to ensure sustainable development, which will be protected from outside influences.

Lavrov added that Russia and Angola have a “firm intention” to develop cooperation in all areas, despite what he refers to as “illegal” Western pressure. He said that the West uses “the same colonial methods with which it exploited developing continents,” which it uses “to plunder foreign countries and use resources of global importance to its advantage.”

READ: South American Common Currency Poses Another Threat To US Dollar… Or Does It?

He also said that by its actions, the West has proved that all the values and mechanisms of globalization that it itself created and promoted, including the inviolability of property, fair competition, and the presumption of innocence, can be trampled on at any moment, and can also betray its allies at any moment.

In a meeting with his Angolan counterpart, Tete Antonio, Lavrov commented that Russia supports the idea of reformation of the UN Security Council. The reformation would be focused on increasing the representation of African, Asian, and Latin American countries. He also said that Moscow launched a “special military operation” last February to stop an “anti-Russian course” and to prevent turning Ukraine into “a territory for creating threats for Russia.”

Information for this briefing was found via the Washington Post and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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