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While US Defence Secretary Lloyd Austin convenes the “Contact Group for the Defence of Ukraine” in Germany to supply more and more weapons to Kyiv and fuel the war in Europe, Russian Foreign Minister Sergei Lavrov is visiting Brazil, Venezuela, Nicaragua, and Cuba. In Latin America – the USA considers Latin America its “backyard” – a project is emerging and its development would undermine the foundations of US economic power in the region. Brazil and Argentina have signed an agreement to create a new common currency to be used instead of the dollar in trade between the two countries and other Latin American countries. In Brazil, Lavrov met with President Lula, who explicitly calls for “the end of the commercial domination of the dollar”.

The same objective is stated in the statement on the strategic partnership between Brazil and China, issued at the end of President Lula’s visit to Beijing: “Brazil and China have agreed to strengthen exchanges in local currencies.” The two BRICS countries also agreed to jointly promote the New Development Bank, the main BRICS financial institution alternative to the US-dominated World Bank. Even in trade between China and Russia, which doubled in the space of a year, the respective currencies are used instead of the dollar. The same criterion is used in the agreements that China concludes with an increasing number of Eurasian countries in the framework of the New Silk Road.

Facing the growing rebellion against the dollar empire, the pillar of Western dominance, the G7 Foreign Ministers meeting in Japan responded with a veritable war statement: they announced more sanctions against Russia and warned China and other countries to “stop assisting the Russian war, or they will suffer severe costs.” And as the United States and its allies deploy growing forces including nuclear ones against China, G7 Foreign Ministers are warning China to “refrain from threats and use of force.”

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This article was originally published on byoblu in Italian.

Manlio Dinucci, award winning author, geopolitical analyst and geographer, Pisa, Italy. He is a Research Associate of the Centre for Research on Globalization (CRG).

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