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BRICS countries to be invulnerable to sanctions due to lowered dollar dependence — NYT

It is reported that BRICS members are looking for alternative sources of financing because "the International Monetary Fund and the World Bank are dominated by the West, especially the United States"

NEW YORK, October 22. /TASS/. Lowered dependence on the dollar will make it possible for BRICS countries to be invulnerable to Western sanctions either at present or in the future, The New York Times (NYT) said.

Many BRICS members view BRICS " as geopolitical insurance against a shifting world — and a hedge against the unpredictability of the United States," the newspaper noted.

"Participation in BRICS is partially an economic bet," the news outlet said. BRICS members are looking for alternative sources of financing because "the International Monetary Fund and the World Bank are dominated by the West, especially the United States," NYT reported.

"Some developing countries see the BRICS development bank as less demanding. It has given out billions of dollars in loans, and allows repayments in local currency," the newspaper added.

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