BRICS Currency: Belarus Wants New Economic Union With Zero Restrictions

Vinod Dsouza
Belarus President China Xi Jinping
Source: Global Times / Photo: Xinhua

Belarus is looking to join the BRICS alliance to sideline the U.S. dollar for international transactions. The Eastern European wants to accept the BRICS currency for cross-border trade ending reliance on the dollar. This gives Belarus wider options to strengthen ties with developing nations and be a part of the new economic boom. Belarus President Alexander Lukashenko has also suggested plans to create a new economic union with zero restrictions.

Also Read: What Happens if Saudi Arabia Accepts BRICS Currency?

Lukashenko suggested that barrier-less trade among BRICS countries similar to how the European Union operates could bring in a revolution in global transactions.

“The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.”

Belarus: The Tale of Sanctions & BRICS Currency to the Rescue

Belarus Flag
Source: Bloomberg

Belarus is not only seeking to enter BRICS but also aims to deepen ties with the Shanghai Cooperation Organization (SCO) and The Association of Southeast Asian Nations (ASEAN) countries.

The country is in desperate need of a new currency as the sanctions are hurting its local economy. The Bureau of Industry and Security (BIS) pressed sanctions on Belarus along with Cuba, Iran, North Korea, and Syria.

Also Read: After BRICS, 10 ASEAN Countries Ditch The U.S. Dollar

Lukashenko confirmed that cooperation with BRICS, ASEAN, and the SCO alliance could help their local economy recover.

“Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN. To close new trade agreements and constructive and mutually beneficial cooperation with everybody interested in being our friends and partners,” he said.

In conclusion, Belarus is keen to join the BRICS alliance along with strengthening ties with the SCO and ASEAN bloc. If more countries decide to side with the developing Eastern nations, the U.S. dollar will be the hardest hit. Read here to know the dangers of a U.S. dollar collapse if BRICS launch their currency to settle global trade.