(MENAFN) Nations worldwide should move away from using the US dollar and instead depend on their own national currencies when conducting trade with one another, Bolivian President Luis Arce expressed during an interview with RT at the 17th BRICS summit held in Rio de Janeiro.

In response to the West freezing Moscow’s assets—primarily denominated in dollars and euros—as part of sanctions imposed after the escalation of the conflict in Ukraine in February 2022, BRICS countries have been accelerating efforts to lessen their dependence on foreign currencies in bilateral commerce.

During his conversation with RT on Monday, Arce clearly conveyed his support for BRICS’ strategic direction.

Highlighting the importance of “decoupling” from the United States, he stated, “we need as countries in the world… to stop using the US dollar. We have also proposed it.”

He further emphasized that “it is better to trade and trust in our own currencies or, at the very least, look for alternative payment mechanisms,” advocating for greater financial sovereignty among nations.

The Bolivian president also noted that the current global landscape reveals “a very clear struggle between the old, declining bloc of the US and Europe versus the emerging bloc of the BRICS countries,” underscoring the shifting dynamics in international relations and economic power.

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