Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
An Iranian missile hit an Israeli governmental compound in Haifa.
Talks begin in Geneva between Iranian Foreign Minister Abbas Araghchi and the E3.
Al Mayadeen correspondent: The E3 will present Araghchi with a four-point European plan that includes a complete end to uranium enrichment in Iran.
Iranian Foreign Minister Abbas Araghchi arrives at the venue of the negotiations that will soon begin with the E3.
Araghchi: The Israeli attacks on nuclear facilities in Iran are serious war crimes.
Araghchi: We are determined to defend our territorial integrity and sovereignty with full force.
Araghchi: We were supposed to meet with the Americans on June 15 to draft a highly promising agreement regarding our nuclear program.
Araghchi: The unjustified Israeli attack on Iran is a violation of International Humanitarian Law Article 33.
Araghchi: Iran is facing aggression that cannot be justified in any way, and justifying this aggression is an act of complicity.
Araghchi: "Israel" bombed nuclear facilities that are under the supervision of the International Atomic Energy Agency (IAEA).

BRICS ministers back mediation for Ukraine conflict resolution

  • By Al Mayadeen English
  • Source: Agencies
  • 10 Jun 2024 21:19
4 Min Read

The BRICS meeting saw officials from Brazil, Russia, India, China, and South Africa come together to discuss pressing global issues.

Listen
  • x
  • AP photo
    From left, India's BRICS Sherpa Dammu Ravi, Egypt's Foreign Minister Sameh Shoukry, South Africa's Foreign Minister Naledi Pandor, China's Foreign Minister Wang Yi, Russian Foreign Minister Sergey Lavrov, Brazil's Foreign Minister Mauro Vieira, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, Ethiopia's Foreign Minister Taye Atske Selassie and Iranian Acting Foreign Minister Ali Bagheri Kani pose for a photo on the sidelines of the meeting of BRICS foreign ministers in Nizhny Novgorod, Russia, Monday, June 10, 2024. (AP)

In a joint statement issued after their ministerial meeting on Monday, foreign ministers from the BRICS nations expressed their support for mediation proposals aimed at resolving the ongoing conflict in Ukraine.

Held in Russia’s Nizhny Novgorod, the meeting saw officials from Brazil, Russia, India, China, and South Africa come together to discuss pressing global issues.

The statement released by the Indian Ministry of External Affairs highlighted the ministers' acknowledgment of their respective countries' positions on the situation in and around Ukraine, as previously conveyed in forums such as the UN Security Council and the UN General Assembly.

They further expressed appreciation for mediation efforts and diplomatic initiatives geared towards achieving a peaceful resolution through dialogue.

"The Ministers recalled their national positions concerning the situation in and around Ukraine as expressed in the appropriate fora, including the UN Security Council and UN General Assembly. They noted with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy," read the statement.

Read more: Russian forces capture Staromaiorskoye village southwest of Donetsk

In addition to addressing the Ukraine conflict, the BRICS ministers also discussed the importance of enhancing the use of national currencies in trade and financial transactions among member states.

Citing a paragraph from the Johannesburg II Declaration, the ministers reiterated the commitment of finance ministers and central bank governors to explore the issue of local currencies, payment mechanisms, and platforms, with a mandate to report back to BRICS leaders.

Related News

2024 records highest number of global conflicts since WWII: The Times

Rutte warns to raise NATO military spending to 5% or 'learn Russian'

"The Ministers underscored the importance of the enhanced use of local currencies in trade and financial transactions between the BRICS countries. They recalled paragraph 45 of the Johannesburg II Declaration tasking the Finance Ministers and Central Bank Governors of the BRICS countries to consider the issue of local currencies, payment instruments, and platforms and to report back to the BRICS Leaders," the statement affirmed.

Rise of de-dollarization trends

The dominance of the US dollar in global reserves has been steadily declining in the past ten years. China, the second-largest economy globally, has been reducing its ownership of US Treasury bonds while increasing its gold reserves. Other countries are following suit, especially since the onset of the weaponization of the dollar.

This trend is part of a broader global de-dollarization movement, with many countries diversifying their reserves by increasing gold holdings and using local currencies for international transactions.

China's gold reserves rose in the first quarter of 2024, contributing to the country's record-high foreign exchange reserves. Meanwhile, Japan, a US ally, has been selling off US bonds and shares due to concerns about the US economy's decline and escalating debts.

Read more: SPIEF sidelines: Russia may de-dollarize with Latino nations, BRICS

Chinese financial experts suggest that while the US economy's nominal GDP growth rate may seem positive, it is partly fueled by significant inflation, leading to accumulated risks.

As emerging economies like China outpace the US and its allies, they are becoming key trade partners for many countries, potentially diminishing US trade dominance.

The share of the global economy held by BRICS countries, including Brazil, Russia, India, China, and South Africa, is currently ahead of that of the G7 developed economies.

Concerns about US government debt expansion have led several countries to pursue de-dollarization strategies to protect their economies.

The US' growing national debt, which reached $31.46 trillion, poses significant financial risks, contributing to global debt levels that are deemed unsustainable.

  • Ukraine crisis
  • BRICS
  • Russia
  • de-dollarization
  • Ukraine
  • peace talks
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Netanyahu stuns by postponing son’s wedding over Iran war
Politics

Netanyahu sparks outrage citing son’s wedding delay as Iran war cost

French court postpones verdict to July 17 on Georges Abdallah
Europe

French court postpones verdict on Georges Abdallah to July 17

Perseverance to shorten war: Iran's Larijani
Politics

Larijani says Iran to hold IAEA chief accountable after war ends

Damage to the Weizmann Institute of Science from an Iranian missile strike in Rehovot, Thursday, June 19, 2025. (AP Photo/Maya Alleruzzo)
Politics

'Catastrophic loss': Iranian blow to Weizmann’s war-linked facilities

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS