Saudi Arabia Declines BRICS Membershipformal Involvement to Evade US Hostility: According to Reports
HODLX
Latest News & Insights
📝 Saudi Arabia's BRICS Dilemma: Avoiding Western Antagonism
💰 Saudi Arabia is holding off on joining the BRICS economic alliance to avoid angering the US and potentially disrupting lucrative arms deals, according to reports from Reuters.
💰 Saudi Arabia, which supplies China with a significant amount of oil, finds itself in a delicate position, balancing its strategic ties with both nations.
💰 The BRICS alliance, consisting of Brazil, Russia, India, China, South Africa, and others, aims to challenge Western economic dominance. Saudi Arabia has attended meetings and appears on the group's website, but has not formally committed to joining.
💰 Former President Trump previously threatened to raise tariffs on BRICS nations if they moved to create a new currency or supported one to replace the US dollar.
💰 This hesitancy to join the alliance highlights the complexities of international economic and political relations, and the fine line countries must walk to safeguard their own interests.
💲Market Blast
📈 Bitcoin: $104,179.91 (+10.95%)| Ethereum: $2,544.07 (+8.74%)| Altcoins: $665.84 (+1.1%)| Crypto Markets: $177.28 (+3.75%)
📺 Stay informed:👉 Follow us on X, Facebook, and Telegram👉 Subscribe for email alerts👉 Check out Price Action and The Daily Hodl Mix
💬 Your take: Share your thoughts on Saudi Arabia's BRICS decision! 🤝
Check out the rest of HODLX for the latest crypto news, industry announcements, and more!
---
Sources:
- [1] Research Report (кийвин наReader's Digest)*
- [2] Press Release (кивок на BRICS website)*
disclaimer: The Daily Hodl provides general information for educational purposes and is not financial advice. Investors should conduct their own due diligence before making any high-risk investments in the cryptocurrency market. The Daily Hodl may participate in affiliate marketing.
- The reluctance of Saudi Arabia to formally join the BRICS economic alliance, as suggested by Reuters sources, might indicate a careful approach to avoid potential conflicts with the US, particularly in terms of crypto trading and finance policy-and-legislation.
- The situation highlights the complexities of international economic and political relations, as countries like Saudi Arabia navigate the implications of cryptocurrency and blockchain technology, and the potential influence of altcoins like Ethereum, in their foreign policy and general news discourse.
- Some political analysts have linked Saudi Arabia's hesitation to the threat posed by former President Trump to raise tariffs on BRICS nations that might support a new currency or challenge the US dollar's dominance.
- Saudi Arabia, being a significant oil supplier to China, finds itself in a delicate position, with crypto trading and blockchain technology potentially impacting its strategic ties with China and the US.
- In the meantime, the crypto market is experiencing growth, with Bitcoin, Ethereum, and Altcoins seeing significant increases in their value according to the Market Blast section of HODLX.
- As general news and crypto trading continue to intersect with international political relations, it's essential to stay informed about policy-and-legislation developments and their potential impact on the cryptocurrency market, as sources like HODLX provide insights into this dynamic field.