BRICS: Former US Official Warns of Saudi Arabia Ditching Dollar

Following greater BRICS de-dollarization plans, a former US government official has warned of the outcome of Saudi Arabia eventually ditching the US dollar. Indeed, former US State Department Official Thomas Hill noted how the nation is vital in the economic alliance’s plans to end US dollar dominance.

Speaking to Business Insider, Hill noted that Saudi Arabia could be highly motivated due to its newly granted entry into the bloc. Moreover, he discussed the impact it could have alongside similar actions taken by the United Arab Emirates (UAE). Both nations were included in the Alliances 2023 expansion plan. Subsequently, both could be a key part of its de-dollarization initiative into 2024.

Also Read: BRICS Working on a ‘Fair World Order’ to End US Dollar Dominance

Former Official Says US Should be Concerned With BRICS Renewed De-Dollarization Potential

Throughout the last year, the BRICS bloc has become a major political development. Its place within the global power balance has certainly shifted in recent months. Moreover, it enacted a crucial expansion plan that saw five new countries poised to join the fray. Now, one individual has stated why the West should be a little worried.

Specifically, amid BRICS de-dollarization plans, a former US official has warned of Saudi Arabia’s impact on ditching the US dollar globally. Indeed, Hill noted the concerning reality of de-dollarization but stated that increased even more with new expansion members.

Also Read: BRICS Currency to be Announced in 2024?

“The BRICS-led de-dollarization effort should alarm US policymakers, especially in light of the recent BRICS membership expansion,” Hill stated. “It is clear that traditional US allies, such as Egypt, Saudi Arabia, and the UAE are already exploring ways to de-dollarize,” he added. “Additionally, he stated that Beijing is undoubtedly, “helping that process move forward.”

When the expansion was announced, both Saudi Arabia and the UAE were key parts of it. Their collective connection with the United States caused major geopolitical ramifications. Moreover, as its involvement continues, that will also continue to grow and evolve. With a BRICS currency likely to be announced in 2024, the greenback will face even more opposition.