From the outside looking in you can preface the USA in a number of ways. Somehow the sins of a country that has only been around for 400 years. Seems larger in the eyes of those countries that have existed for many thousands of years. Nevertheless, the world seems to be approaching change in what the US has in part used as a hammer in its foreign policy. As leader of the free world.
Perhaps an over-simplistic view of what the US dollar, SWIFT payments, and sanctions might represent. Would be how the US can use it to enforce its Foreign Policy. It would be the same if you went to your bank and found your accounts frozen. You can not withdraw money. You have no means to pay for any goods. Unless you do what you are told to do. Toe the line or financially die. Enter the BRICS as an alternative to the SWIFT payment system.
5 April 2024 - A BRICS Alternative to the SWIFT Payment System Could Accelerate De-Dollarization
With Russia taking the lead, the BRICS bloc is talking about creating a new payment system that isn’t controlled by the United States and that is not dependent on the dollar. Such a system could accelerate de-dollarization.
It also gives the United States a powerful tool to shape foreign policy. It can use SWIFT as a hammer, punishing countries that don't do its bidding by locking them out of the system.
This is exactly what happened to Russia after it invaded Ukraine.
Officials initially indicated Russia wouldn’t be locked out of SWIFT, but a few days later, the United States, the European Union, the UK, and Canada issued a joint statement announcing SWIFT would disconnect “selected” Russian banks from the global payment system.
Perhaps what the BRICS represents is a second bank account and for some an alternative trading block for US sanctions. A safeguard for weathering the storm of a changing guard of elected officials, Presidents, and US Foreign Policy. I am no expert but it was the thought. Other countries also are strengthing ties in being able to trade with their currencies. In effect will be the inevitable change in US policy due to the big stick of the SWIFT payment system not being so big anymore.
15 April 2024 - De dollarization: 50+ Countries Ditch US Dollar - NaRvi Academy