Saudi Arabia Pauses BRICS Move After Trump Tariff Threat
Saudi Arabia has frozen its bid to join the BRICS economic group, Russian presidential advisor Yuri Ushakov said in a report on Thursday.
The announcement comes as Russia, which holds the BRICS presidency, prepares for an upcoming summit in Kazan. Saudi Arabia was among several nations invited to join the bloc in 2023 alongside Egypt, Iran, the United Arab Emirates, and Ethiopia.
The kingdom’s status with BRICS has been uncertain since October, when Russia withdrew a statement that incorrectly listed Saudi Arabia as a member. While Saudi Arabia had engaged with the group following its invitation, it had not formally joined the bloc, which currently consists of Brazil, Russia, India, China, and South Africa.
The development follows recent threats from US President-elect Donald Trump to impose 100% tariffs on BRICS members if the group creates its own currency to challenge the US dollar, though India’s External Affairs Minister has denied such plans exist.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
