Russia and China, two of 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 to enhance trade partnerships with the aim of establishing a “just world order,” according to a report from the South China Morning Post. Putin believes that the alliance between these two economic powerhouses could serve as a stabilizing force amidst the unpredictable global conditions. He stated that their cooperation in global affairs is crucial for maintaining global security and ensuring a fair world order. Putin also highlighted the successful joint projects in various sectors such as energy, industry, technology, transportation, and agriculture.

Meanwhile, US Treasury Secretary Janet Yellen announced that the US is preparing to impose a new set of sanctions on entities that support Russia’s military actions. Yellen’s office is also actively working to utilize frozen Russian assets to assist Ukraine. She mentioned that they are determined to crack down on any evasion of Russian sanctions and will soon unveil strong sanctions targeting those who aid Russia’s war efforts, including intermediaries in third-world countries that supply critical resources to the Russian military. Additionally, they are making efforts to unlock the economic value of the Russian sovereign assets that have been immobilized in their jurisdictions in order to support Ukraine.

BRICS, initially consisting of Brazil, Russia, India, China, and South Africa, was established as an economic bloc to provide an alternative to the US-dominated global order. Recently, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were formally added to the intergovernmental organization after the West weaponized the dollar and imposed sanctions on Russia for its incursion into Ukraine.

In response to Russia’s invasion of Ukraine, G7 nations froze $300 billion worth of Russian sovereign assets in 2022. It is now reported that these countries are planning to utilize these funds to provide a $50 billion loan to Ukraine.

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