Brazil will accept payment from Iran in euros and other currencies for planes, cars and machinery to sidestep lingering U.S. sanctions on the oil-rich nation, Trade Minister Armando Monteiro told Reuters on Tuesday.
Monteiro is the first Brazilian official to confirm that Latin America’s biggest economy could accept payment in currencies including the euro from Iran, which is forbidden from using the U.S. financial system under the sanctions. Continue reading
As US hegemony wanes in the face of dysfunctional domestic politics, foreign policy confusion, and a “lead from behind” mentality, the world has begun to transition towards a kind of new world order both politically and economically.
On the geopolitical front, we’ve seen a resurgent Russia take charge in Syria after the situation spiraled out of control, leaving hundreds of thousands dead and creating the worst migrant crisis in Europe’s history.
On the economic front, the BRICS nations have embarked on a series of projects designed to supplant the US-led multinational institutions that have dominated the post-war world. Continue reading