Nicolas Maduro, the president of Venezuela, has called to de-dollarize the global economy due to the difficulties the current system brings to emerging countries affected by U.S. sanctions. In a message directed to the BRICS leaders, Maduro called to establish alternative settlement systems using national currencies.

Venezuelan President Nicolas Maduro Reinforces the Need to Create a De-Dollarized Economic System

Nicolas Maduro, President of Venezuela, has called for creating an emerging economic system away from the dominance of the U.S. dollar. In a message sent as part of Venezuela’s participation in the BRICS leader summit, held recently in Johannesburg, Maduro stated the reality of the geopolitical situation of the last years has reinforced the need for the de-dollarization of the world economy.

Maduro said this had to be done due to the “indiscriminate use and abuse of the U.S. dollar as a tool for waging an economic war against the free people of the world.”

Venezuela has been the target of economic sanctions that have affected the sale of oil and other operations of PDVSA, the state-owned oil company, and have blocked U.S. nationals from financing or purchasing the petro, the Venezuelan cryptocurrency asset.

The Damages and a New Way

These “imperialist” sanctions and economic warfare measures, Maduro stated, have touched at least 28% of the world population in 30 nations. “The damage to our economies and development models is undeniable,” Maduro explained, detailing that these measures affected the human rights situation in each of these countries.

Talking to the leaders of the nations of the BRICS group, integrated by Brazil, Russia, India, China, and South Africa, Maduro called for configuring a new financial system to allow BRICS countries and its allies to settle transactions with “new physical and digital tools.”

He mentioned a basket of currencies as one of the tools to reach this objective. Maduro also referred to the need to create new sources of financing to contribute to the recovery and growth of emerging economies. Furthermore, he offered Venezuela’s experience in countering the effects of sanctions on the BRICS bloc to “dismantle the financial and commercial domination system.”

Venezuela presented an official application to be part of the BRICS bloc on August 1, but it was not selected amongst the new six nations invited to be part of the group starting next year.

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