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 <p>The U.S. pressed economic sanctions against BRICS member Russia in February 2022 for invading and waging war against its neighboring country, Ukraine. Similarly, the U.S. had pressed sanctions against the new BRICS member Iran for its role in supporting terrorism around the world. The sanctions brought down Russia and Iran’s economies leading them to rely on other developing countries and use local currencies for trade.</p>
 <p><strong>Also Read: 10 U.S. Sectors To Be Affected If <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Stops Using the Dollar</strong></p>
 <p>U.S. Treasury Secretary Janet Yellen confirmed that the sanctions are what led <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> to challenge the dollar. The White House’s move might have backfired as developing countries are forging partnerships in fear of U.S. sanctions. The development is leading to ideas of alienating the U.S. dollar and promoting local currencies for cross-border transactions.</p>
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 <h2 class="wp-block-heading" id="h-brics-takes-on-the-us-dollar-despite-sanctions">BRICS Takes on the US Dollar Despite Sanctions</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="BRICS Leaders Countries" class="wp-image-87086 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1024w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 300w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 768w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1536w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 380w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 550w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 800w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1160w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1920w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp" alt="BRICS Leaders Countries" class="wp-image-87086" srcset="https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1024w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 300w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 768w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1536w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 380w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 550w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 800w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1160w, https://cdn.thebittimes.com/images/2023/10/08/a200c2ae6a1637fbcfba9a32956f214b.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>BRICS nations are already challenging the U.S. dollar despite two of its members being placed under economic sanctions. The alliance is looking to topple the Western hegemony and tilt the global financial power towards the East. The bloc is convincing a handful of developing countries to use local currencies and not the U.S. dollar for trade.</p>
 <p><strong>Also Read: South African President Makes Huge Announcement on BRICS Expansion</strong></p>
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 <p>Many countries in Africa, Asia, and South America are following suit and considering ditching the US dollar. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> has evidently gained success despite sanctions being in place. When they are lifted eventually, the bloc will be able to impose more pressure.</p>
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    <p lang="en" dir="ltr">G7 is scared hell to admit reality that China and India are deep on <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> side and so is more broadly <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>. <br>I documented it here since March 2022. <br>Without sanctions on China and India, G7 <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> sanctions are almost a total failure. pic.twitter.com/YXDfAWwWtJ</p>— 🇪🇺 🇲🇨🇨🇭Dan Popescu 🇫🇷🇮🇹🇷🇴 (@PopescuCo) October 3, 2023
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 <p>The 11-nation bloc could seriously challenge the U.S. dollar and narrow the means to fund its deficit. BRICS could weaponize the oil markets and allow other countries to settle trade in their local currencies. The move would strengthen their native economies and provide a boost to businesses in the country.</p>
 <p><strong>Also Read: The U.S. Dollar Overtakes All BRICS Currencies &amp; Gold</strong></p>
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 <p>If countries reduce their dependency on the dollar, the U.S. economy will be the first to tank. If America fails to export its inflation, then prices of all commodities could skyrocket. Heritage Foundation economist E. J. Antoni warned that the US could also reach hyperinflation if such a scenario arises.</p>
 <p><strong>“Losing reserve currency status would mean 70 years of deficits flooding back to the U.S. All competing with existing dollars held domestically to buy goods and services. That’s a hyperinflation scenario. It also means we could no longer export inflation abroad. So we’d bear the full cost of future inflation ourselves,”</strong> he said to the Daily Caller.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Iran</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
  <li>US Sanctions</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-could-seriously-challenge-us-dollar-if-sanctions-are-lifted-tbt65520.html">https://thebittimes.com/brics-could-seriously-challenge-us-dollar-if-sanctions-are-lifted-tbt65520.html</a></p>

BRICS Could Seriously Challenge US Dollar if Sanctions Are Lifted

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