It's 2025, and the global stage has shifted dramatically. The old tactics of threats, sanctions, and one-currency dominance are losing their grip as nations seek more equitable partnerships.
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 firmly, emphasizing that BRICS is about fostering cooperation and shared prosperity, not confrontation. The world is increasingly resistant to one-currency dominance or sanction-fueled pressure.
Take Russia, for instance. Facing an avalanche of sanctions from the West in 2014 and 2022, many predicted economic collapse. Instead, Russia built its own financial infrastructure. Its System for Transfer of Financial Messages (SPFS) emerged as a homegrown alternative to SWIFT, and the Mir payment card, initiated in 2017, functions like Visa and Mastercard. These moves insulated the Russian economy and strengthened financial ties with non-Western allies like Türkiye, Kazakhstan, and nations in the Middle East, reducing dependence on Western-dominated systems.
Similarly, the U.S. restricted Türkiye's access to U.S. technology and equipment, including F-35 jets. In response, Türkiye began producing its own equipment and even started exporting to Middle Eastern and African nations.
These examples reflect a broader global trend. More nations are seeking a more equitable world order. Last year's G20 Summit in Brazil hosted a historic moment with the African Union attending as a full member for the first time, symbolizing a new vision for global cooperation.
BRICS nations are also rewriting the rules of global trade. They've turned to their own currencies for commerce, reducing dependence on the U.S. dollar. Brazil and China now trade in their national currencies, a move mirrored by India and its regional partners. The BRICS New Development Bank has ramped up efforts to finance projects in local currencies, promoting international funding without relying on Western institutions. Additionally, efforts are underway to create 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 each crisis rippling across continents. From the 2008 financial meltdown to the pandemic-induced global recession, over-reliance on the dollar has proven risky.
As the world evolves, so must the approaches to global trade and cooperation. Threats, sanctions, and one-currency dominance are relics of the past. Nations are forging new paths toward shared prosperity, embracing multilateralism, and building resilient economies that are less susceptible to external pressures.
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Why threats, sanctions and one-currency dominance are past their prime
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