Media: BRICS members to become invulnerable to Western sanctions due to reduced dependence on Dollar
According to The New York Times, reducing the Dollar’s dominance could give BRICS countries insulation from Western sanctions, both now and in the future, TASS reports
Many BRICS members view the association as ‘geopolitical insurance’ against the unpredictable behaviour of the United States in a changing world, the newspaper said. According to its estimates, participation in BRICS is ‘an economic bet’. Members of the association are looking for alternative sources of financing, as the International Monetary Fund and the World Bank are dominated by the West, especially the United States.
Developing countries note that the New Development Bank (NDB), which ‘has given billions of Dollars in loans, and allows their repayments in national currencies,’ is less demanding than the IMF and the WB.
The New Development Bank was established by Brazil, Russia, India, China and South Africa under a 2014 intergovernmental agreement to implement investment projects in BRICS member states and developing countries. Over the years, NDB has approved more than 90 projects – worth $32bn.
