Russia and China, the founding members of BRICS, are reportedly seeking to strengthen their economic ties. During the 16th BRICS summit, Russian President Vladimir Putin and Chinese leader Xi Jinping held discussions aimed at enhancing trade partnerships and establishing a more equitable global order. Putin emphasized the importance of the alliance between the two economic powerhouses in maintaining stability amidst the volatile international landscape. He expressed his intention to increase collaboration in various sectors, including energy, industry, technology, transportation, and agriculture. Meanwhile, US Treasury Secretary Janet Yellen announced that the US is preparing to impose additional sanctions on entities that support Russia’s military activities. Yellen also revealed efforts to utilize frozen Russian assets to assist Ukraine. The BRICS bloc, which initially consisted of Brazil, Russia, India, China, and South Africa, was created as an alternative to the US-led world order. This year, the organization expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, in response to the West’s use of the US dollar as a weapon and the imposition of sanctions on Russia for its invasion of Ukraine. In 2022, G7 nations froze $300 billion worth of Russian sovereign assets in response to the invasion, and they are now reportedly planning to leverage these funds to provide a $50 billion loan to Ukraine.