It's 2025, and the global landscape has transformed dramatically. Despite this, some nations cling to outdated tactics, believing that threats of tariffs and sanctions can still sway the world. On his first day in office, recently sworn-in U.S. President Donald Trump threatened to impose a 100 percent tariff on BRICS nations if they continue their de-dollarization efforts. \"As a BRICS nation… they'll have a 100 percent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately,\" he declared.
However, the Chinese Ministry of Foreign Affairs responded swiftly, emphasizing that BRICS is about fostering cooperation and shared prosperity, not confrontation. The reality is that the world is no longer buying into one-currency dominance or sanction-fueled pressure.
Take Russia, for example. When it faced a barrage of sanctions from the West in 2014 and 2022, many predicted economic collapse. Instead, Russia built its own financial lifeboat. The System for Transfer of Financial Messages (SPFS) emerged as a homegrown alternative to SWIFT, and the Mir payment card, initiated in 2017, stepped in to replace Visa and Mastercard. These moves insulated the Russian economy and paved the way for deeper financial ties with non-Western allies like Türkiye, Kazakhstan, and nations in the Middle East, minimizing dependence on Western-dominated systems.
Similarly, when the U.S. restricted Türkiye's access to technology and equipment—from F-35 jets to armed unmanned aerial vehicles—Türkiye responded by ramping up its own production. It not only met its defense needs but also began exporting equipment to Middle Eastern and African nations.
Russia and Türkiye's resilience is just the tip of the iceberg. More and more nations are seeking a more equitable world order. Last year, the G20 Summit in Brazil marked a historic moment with the African Union joining as a full member for the first time. The G20 today represents a new vision beyond a club of economically powerful countries.
BRICS nations have been rewriting the rules of global trade. By trading in their own currencies, they reduce dependence on the U.S. dollar. Brazil and China now trade using their national currencies, a move mirrored by India and its regional partners. The BRICS New Development Bank has increased efforts to finance projects in local currencies, offering an alternative to Western financial institutions. Moreover, they are working on creating a BRICS blockchain-based payment system.
This shift isn't about making a political statement—it's about pragmatism. The world has watched the dollar-dominated system stumble repeatedly, with crises like the 2008 financial meltdown and the pandemic-induced global recession highlighting the risks of over-reliance on the dollar.
In a world that's rapidly changing, threats, sanctions, and one-currency dominance are losing their grip. Nations are charting their own paths toward shared prosperity, cooperation, and financial autonomy.
Reference(s):
Why threats, sanctions and one-currency dominance are past their prime
cgtn.com
