BRICS: US May Sanction China as Alliance Keeps Ditching the Dollar

Joshua Ramos

Following further penalties on Russia in recent weeks, another BRICS country could be targeted, as the US may sanction China. Indeed, the West is debating potential Chinese sanctions amid its cooperation with Moscow, and the bloc’s continued efforts to ditch the US dollar.

Russia answered increased sanctions from the US Department of Treasury by implementing de-dollarization efforts this week. Specifically, the country’s Moscow Stock Exchange halted US dollar and Euro trading as the geopolitical sector continues to get all the more contentious.

Source: ABC News

Also Read: BRICS: Russia’s Moscow Stock Exchange Halts US Dollar, Euro Trading

BRICS Eyeing Sanctions on China

Over the last several years, the BRICS alliance has sought to increase its global standing. The weaponization of Western currencies saw the bloc seek other options. Specifically, it enacted several policy measures that lessened the reliance of the collective on those currencies.

Now, the West is answering those efforts with action of its own. After BRICS saw Russia receive new sanctions, the US is considering imposing sanctions on China. A report from the Financial Times notes that China’s support for Moscow is a “long-term threat” to G7 security.

The G7 grouping is reportedly concerned with China’s “propping up” of Russia amid its conflict with Ukraine. Therefore, it could take action against the country. The topic is reportedly set to be a talking point during the bloc’s final meeting of its group summit in Puglia.

Source: iStock

Also Read: BRICS: Over $70B in Trade Will No Longer Be Settled in US Dollars

President Biden has recently commented on the nation’s partnership. He discussed China’s role in allowing Russia “the ability to produce” various weapons. Additionally, the Biden Administration called the support a “critical issue.”

The BRICS alliance has not been shy about its stance on the US and the dollar. It has attempted to increase local currency usage and recently signed a landmark trade agreement to promote those currencies.