On Saturday President elect Donald Trump wrote a social media post threatening BRICS countries with 100% sanctions if they create a new currency or try to dislodge the dollar through another alternative. However, Russia, which proposed a common BRICS currency long before it invaded Ukraine, has reservations about it. Or Russia’s central bank thinks it would be very hard to achieve.
BRICS (Brazil, Russia, India, China, South Africa) was founded as a trade group and this year expanded to BRICS+ through the inclusion of Egypt, Ethiopia, Iran and the UAE. Hence, with Russia and Iran as members it has two sanctioned countries.
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