The Collapse of the US Dollar Happened in the Past 3 days.
Saudi Arabia ditches 50 year Petro-dollar deal which saw US Military protection in exchange for oil trade using Worlds reserve currency.
Russia suspends trading in US Dollars in Moscow Stock Exchange.
China dumps largest amount of US Treasury Bonds in one go $53.3Billions worth
The BRICS Foreign Ministers Meeting Key Points
Massive expansion plans: 59 nations are interested in joining.
Condemned unilateral, punitive and discriminatory protectionist measures
Underscored the bloc's focus on de-dollarization
Development of the new BRICS payment settlement infrastructure
Improvement of trade logistics and expansion of cross-border trade among the BRICS+ members
$78 billion in deals signed during the meeting
Highlighted the BRICS+ initiative to encourage the UN and G20 reforms to improve global governance
BRICS: Russia's Moscow Stock Exchange Halts U.S. Dollar, Euro Trading
In a major move, Russia's Moscow Stock Exchange has halted trading in the U.S. dollar and euro currencies. This decision comes as the BRICS nations (Brazil, Russia, India, China, and South Africa) make substantial progress towards de-dollarization and transforming the global financial system.
The trading suspension by the Moscow Exchange affects all transactions involving the U.S. dollar and euro, including stock trading and money market operations. The move is a direct response to the latest round of sanctions imposed by the United States against over 300 Russian entities.
The U.S. Treasury Department described the sanctions as a "sweeping assault" aimed at undermining Russia's financial infrastructure and cutting off access to critical supplies from third countries. Treasury Secretary Janet Yellen warned of potential sanctions against other nations as well.Russia's Central Bank assured the public that all U.S. dollar and euro funds remain secure despite the trading halt, attributing the decision to the "restrictive measures" imposed by the United States.
The BRICS economic ministers announced on Tuesday that they are nearing completion of their de-dollarization mission, seeking to challenge the dominance of the U.S. dollar in international trade.
The alliance has long advocated for financial autonomy from the Western-controlled financial order, including increased use of local currencies and alternative payment systems.
Russia, holding the 2024 BRICS chairmanship, has been at the forefront of this de-dollarization drive. The latest U.S. sanctions have strengthened Russia's resolve, prompting the Moscow Stock Exchange's decision to halt trading in U.S. dollars and euros.
This development comes as the BRICS alliance finalizes a significant trade agreement involving all member countries and six additional nations.
The agreement aims to conduct trade using their native currencies, reducing reliance on the U.S. dollar and marking a pivotal moment in the global financial landscape