{"id":1488622,"date":"2024-09-08T03:20:00","date_gmt":"2024-09-08T07:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1488622"},"modified":"2024-09-08T03:20:00","modified_gmt":"2024-09-08T07:20:00","slug":"russia-chinas-us-provoked-payment-problems-caught-most-brics-enthusiasts-by-surprise","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/russia-chinas-us-provoked-payment-problems-caught-most-brics-enthusiasts-by-surprise\/1488622\/","title":{"rendered":"Russia & China’s US-Provoked Payment Problems Caught Most BRICS Enthusiasts By Surprise"},"content":{"rendered":"

Russia & China’s US-Provoked Payment Problems Caught Most BRICS Enthusiasts By Surprise<\/span><\/p>\n

\n

Authored by Andrew Korybko via Substack,<\/em><\/a><\/p>\n

RT published a feature analysis on Friday asking, \u201cHas the US finally succeeded in choking off Russia\u2019s biggest trade lifeline?<\/a>\u201d, which readers are encouraged to read in full to learn more Russia and China\u2019s US-provoked payment problems. In a nutshell, Chinese banks of all sizes have suddenly started complying with the US\u2019 sanctions out of fear of secondary sanctions,<\/strong> which RT\u2019s financial expert Henry Johnston reminded everyone has also been reported by the domestic Russian media whose articles he cites.<\/p>\n

\u00a0<\/p>\n

All of this is shocking for the average BRICS enthusiast who\u2019s been influenced by wishful thinking articles since the start of the special<\/a>\u00a0operation<\/a>\u00a0into imagining that this group is an anti-Western bloc. They\u2019ve also heard countless times that \u201cthe dollar is dead\u201d or is \u201cabout to die any day now,\u201d that Russia and China are \u201callies\u201d who are jointly resisting the West in all respects, and that a new world order has already emerged to replace the previously American-led unipolar one. None of that is true though.<\/p>\n

The dollar remains the world\u2019s reserve currency despite the reputational damage caused by the US\u2019 anti-Russian sanctions, Russia and China are mired in US-provoked payment problems, and multipolarity has yet to fully emerge since the legacy of America\u2019s unipolar system is responsible for the aforesaid.<\/strong><\/p>\n

<\/a><\/p>\n

China\u2019s complex economic-financial interdependence with the West places certain restraints on its sovereignty <\/strong>in this respect and was even addressed by Lavrov in an interview with\u00a0RBC<\/a>\u00a0last week:<\/p>\n

\u201cOf course, everyone is now looking for those new opportunities. But the People\u2019s Republic of China, with the size of its economy, with the volume of its trade relations with the United States and the West as a whole, is, of course, much more dependent on the West than the Russian economy was.<\/em><\/p>\n

And I have no doubt that China will reduce this dependence and will gradually move toward those forms of communication with its partners that will not be associated with such a dictate.<\/em><\/p>\n

But, given the Chinese mentality, the Chinese style, they do this slowly. They do not want any sudden movements. This topic is being discussed with our Chinese colleagues. They have a fairly well-developed banking system, and it is very deeply tied to global financial markets.\u201d<\/em><\/p>\n

To Lavrov\u2019s credit, he addressed the elephant in the room instead of delusionally denying the problem like top\u00a0Alt-Media<\/a>\u00a0influencers tend to do for ideological reasons, which shows BRICS enthusiasts that there\u2019s no need to try to cover up \u201cpolitically inconvenient\u201d facts like some gatekeepers aggressively do.<\/p>\n

The second lesson that they can learn is to emulate Johnston\u2019s calm way of discussing sensitive disputes among strategic partners<\/strong> instead of exaggerating them like so-called \u201cdoomers\u201d are infamous for doing.\u00a0<\/p>\n

Third, the reality of BRICS is finally more apparent in light of these problems:<\/strong> it\u2019s a network of countries that voluntarily coordinate their policies to accelerate financial multipolarity, but whose members are limited by structural constraints and their ties with the West in terms of how far and fast they go. If it was a bloc like the average enthusiast imagines, especially an anti-Western one, then there\u2019s no way that Chinese banks of all sizes would ever comply with the US\u2019 anti-Russian sanctions.<\/p>\n

The fourth lesson is that India proved more resilient to Western pressure than China. <\/strong>Many BRICS enthusiasts are suspicious of India\u2019s close (but\u00a0newly troubled<\/a>) ties with the US, and a top Alt-Media influencer even described it as the West\u2019s \u201cTrojan Horse<\/a>\u201d. Sberbank\u2019s Deputy CEO\u00a0confirmed<\/a>\u00a0earlier this week though that \u201cThere are no restrictions on its operations\u201d in India after it handled 70% of Russia\u2019s $65 billion trade with that country last year, which was analyzed\u00a0here<\/a>. Folks should reflect on this point. \u00a0<\/p>\n

And finally, BRICS enthusiasts should incorporate what they learned from the enumerated four lessons to recalibrate their worldview so that it more accurately reflects reality.<\/strong> There\u2019s no shame in being wrong about anything and it\u2019s understandable why so many people have such high hopes about BRICS, but it\u2019s better to be aware of the facts and temper expectations than to be unaware of them and inevitably become deeply disappointed once reality hits. Here are 12 supplementary pieces clarifying BRICS:<\/p>\n

* 1 April 2023: \u201cPopular Expectations About BRICS\u2019 New Currency Project Should Be Tempered<\/a>\u201d<\/em><\/p>\n

* 27 July 2023: \u201cAlt-Media Is In Shock After The BRICS Bank Confirmed That It Complies With Western Sanctions<\/a>\u201d<\/em><\/p>\n

* 3 August 2023: \u201cRussia Is Finally Correcting False Perceptions Of BRICS<\/a>\u201d<\/em><\/p>\n

* 17 August 2023: \u201cBRICS Officially Confirmed That It Doesn\u2019t Want To De-Dollarize & Isn\u2019t Anti-Western<\/a>\u201d<\/em><\/p>\n

* 21 August 2023: \u201cLavrov Explained How Russia Envisages BRICS\u2019 Global Role<\/a>\u201d<\/em><\/p>\n

* 24 August 2023: \u201cBRICS\u2019 Expansion Is Beneficial But It Also Isn\u2019t Without Strategic Challenges<\/a>\u201d<\/em><\/p>\n

* 28 August 2023: \u201cRT Took Care To Clarify India\u2019s Approach Towards BRICS In Order To Avoid Misunderstandings<\/a>\u201d<\/em><\/p>\n

* 6 January 2024: \u201cBridging The Gap Between Russia & Iran\u2019s Differing Views On Whether BRICS Requires A Secretariat<\/a>\u201d<\/em><\/p>\n

* 9 March 2024: \u201cBRICS Is Transforming Into A Multipolar Discussion Club & Economic Integration Platform<\/a>\u201d<\/em><\/p>\n

* 27 August 2024: \u201cAn Indian Source Shed Light On BRICS\u2019 Financial Multipolarity Plans<\/a>\u201d<\/em><\/p>\n

* 2 September 2024: \u201cKorybko To SCF\u2019s Hugo Dionisio: You\u2019re Right About Lula, But Wrong About BRICS & India<\/a>\u201d<\/em><\/p>\n

* 6 September 2024: \u201cBRICS Membership Or Lack Thereof Isn\u2019t Actually That Big Of A Deal<\/a>\u201d<\/em><\/p>\n

Despite the group\u2019s challenges as proven by Russia and China\u2019s US-provoked payment problems and no matter the limitations inherent in its activity, BRICS is still gradually reforming the financial world order in a fairer direction for the Global Majority.<\/strong> As Johnston concluded in his feature article, \u201cThe fading hegemon still has a few trump cards it can play with some effect \u2013 and it is playing them now. But every time it does, it brings closer the day in which those cards will be rendered obsolete.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 09\/07\/2024 – 23:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/geopolitical\/russia-chinas-us-provoked-payment-problems-caught-most-brics-enthusiasts-surprise<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Russia & China’s US-Provoked Payment Problems Caught Most BRICS Enthusiasts By Surprise Authored by Andrew Korybko via Substack, RT published a feature analysis on Friday…<\/p>\n","protected":false},"author":0,"featured_media":1488623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1488622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1488622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1488622"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1488622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1488623"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1488622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1488622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1488622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}