BRICSfoundingmembersRussiaandChinaarereportedlylookingtobuilddeepereconomicrelations.
Atthe16thBRICSsummit,RussianPresidentVladimirPutinandChineseleaderXiJinpingengagedintalkstobolstertradepartnershipsinanefforttocreatea“fairworldorder,”reportstheSouthChinaMorningPost.
AccordingtoPutin,thealliancebetweenthetwoeconomicpowerhousescouldserveasagroundinginfluenceamidvolatileconditionsontheworldstage.
“Russian-Chinesecooperationinglobalaffairsisoneofthemainstabilizingfactorsontheworldstage.Weintendtofurtherincreasecoordinationatallmultilateralplatformsinordertoensureglobalsecurityandafairworldorder…Wearesuccessfullyimplementingjointprojectsinenergy,industry,hightechnology,transport,agricultureandmanyotherareas.”
ThenewscomesasTreasurySecretaryJanetYellensaystheUSispoisedtoannounceanewwaveofsanctionsagainstentitiessupportingRussia’smilitaryefforts.
Yellensaysherofficeisalso“workingtirelessly”tousefrozenRussianassetstoaidUkraine.
“WecontinuecrackingdownonRussiansanctionsevasion,andassoonasnextweekwewillunveilstrongnewsanctionstargetingthosefacilitatingtheKremlin’swarmachine,includingintermediariesin[third-world]countriesthataresupplyingRussiawithcriticalinputsforitsmilitary.WehavealsobeenworkingtirelesslytounlocktheeconomicvalueoftheRussiansovereignassetsimmobilizedinourjurisdictionstosupportUkraine.”
BRICS,originallymadeupofBrazil,Russia,India,ChinaandSouthAfrica,isaneconomicblocdesignedtoofferanalternativetotheUS-ledworldorder.Thisyear,theintergovernmentalorganizationformallyaddedEgypt,Ethiopia,Iran,SaudiArabiaandtheUnitedArabEmiratesaftertheWestweaponizedthedollarandimposedsanctionsagainstRussiaforinvadingUkraine.
In2022,G7nationsfroze$300billionworthofRussiansovereignassetsinresponsetothecountry’sinvasionofUkraine.Theleagueofcountriesisnowreportedlyplanningtoleveragethefundstobacka$50billionloantoUkraine.
GeneratedImage:Midjourney
dailyhodl.com