Venezuela to join BRICS bank to beat US sanctions

Venezuelan National Constituent Assembly president Delcy Rodriguez's press conference on Monday. James Tweedie poses the question on the BRICS New Development Bank at 30:30.

Venezuela will join the BRICS development bank to break the US economic stranglehold, the new constitutional body’s chair said on Monday.

National Constituent Assembly president Delcy Rodriguez — a former foreign minister — revealed Venezuela’s plan to join the BRICS New Development Bank (NDB) in a wide-ranging press conference in Caracas.

Responding to a question from the Morning Star via video, she said the government was awaiting the NDB’s response to its application which the assembly would support.

BRICS comprises powerhouse developing nations Brazil, Russia, India, China and South Africa, representing 42 per cent of the world’s population and 27 per cent of the global economy.

Ms Rodriguez said financial sanctions announced by Washington last week would only strengthen Venezuela’s resolve to break US hegemony over a unipolar world.

She said the moratorium on US investment “seeks to besiege Venezuela,” but “a new world is opening that the US will not lead.”

“Venezuela has excellent relations with this new world, which exerts leadership to guarantee peace, stability and security at the international level,” Ms Rodriguez pointed out.

“How do we overcome the sanctions? By deepening our strategic relationship with Russia, China, India, Iran and other poles.”

“Of course we are going to beat the sanctions,” she said. “This unipolar world, which was declared defeated by Russian President Vladimir Putin, is in decline.”

Ms Rodriguez stressed the US sanctions were not only against government officials and institutions, but “seek to affect the entire people.”

She said the assembly backed any action by President Nicolas Maduro against the US threat — and was also convened for the “defence of sovereignty.”

“Venezuela does not recognise imperial law, much less external jurisdiction,” she insisted.

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