It's 2025, and the global stage looks vastly different from a decade ago. Yet, some are still clinging to outdated tactics, believing that threats of tariffs and sanctions can sway the world.
Recently sworn in U.S. President Donald Trump has threatened to impose a 100 percent tariff on BRICS nations if they continue their efforts toward de-dollarization. \"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 said on his first day in office.
However, the Chinese Ministry of Foreign Affairs responded promptly, emphasizing that BRICS is about fostering cooperation and shared prosperity, not confrontation. The truth is, the world is no longer buying into one-currency dominance or sanction-fueled pressure.
Take Russia, for example. When it faced an avalanche of sanctions from the West in 2014 and 2022, many predicted economic collapse. Instead, Russia built its own financial lifelines. Its System for Transfer of Financial Messages (SPFS) emerged as a homegrown alternative to SWIFT, and the Mir payment card, initiated in 2017, functions in place of Visa and Mastercard. These moves insulated the Russian economy and laid the groundwork for deeper financial ties with non-Western allies like Türkiye, Kazakhstan, and nations in the Middle East, without dependence on Western-dominated systems.
The United States also restricted Türkiye's access to U.S. technology and equipment, from F-35 jets to armed unmanned aerial vehicles. In response, Türkiye began producing some of this equipment with its own resources and even started exporting 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's G20 Summit in Brazil hosted a historic moment with the African Union attending as a full member of the bloc for the first time. The G20 today represents a new vision.
BRICS nations have also been 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, presenting a fresh approach to 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 to be a risky bet.
The global landscape is changing, and the traditional tools of threats, sanctions, and one-currency dominance are losing their effectiveness. Nations are forging new paths toward economic independence and cooperation, signaling a move toward a more multipolar world economy.
Reference(s):
Why threats, sanctions and one-currency dominance are past their prime
cgtn.com
