BRICS, the economic alliance consisting of Brazil, Russia, India, China, and South Africa, is witnessing a deepening of economic relations between its founding members, Russia and China. During the 16th BRICS summit, Russian President Vladimir Putin and Chinese leader Xi Jinping engaged in discussions aimed at strengthening trade partnerships, with the goal of establishing a more equitable global order. The South China Morning Post reports that Putin views the alliance between the two economic powerhouses as a stabilizing force in today’s volatile world.

Putin expressed his intention to enhance coordination at various multilateral forums to ensure global security and promote a fair world order. He highlighted the successful implementation of joint projects in areas such as energy, industry, high technology, transport, and agriculture. This move toward closer economic ties between Russia and China comes at a time when the United States is preparing to impose new sanctions on entities supporting Russia’s military activities. Treasury Secretary Janet Yellen has stated that her office is diligently working to utilize frozen Russian assets to assist Ukraine.

The BRICS bloc was initially formed as an alternative to the US-led global order and included Brazil, Russia, India, China, and South Africa. However, in response to the West’s weaponization of the dollar and the imposition of sanctions on Russia for its invasion of Ukraine, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have recently been formally added to the organization. In 2022, the G7 nations froze $300 billion worth of Russian sovereign assets as a response to the country’s invasion of Ukraine. It is now reported that these funds will be leveraged to support Ukraine through a $50 billion loan.

As the geopolitical landscape continues to evolve, the deepening economic ties between Russia and China within the BRICS framework signify their commitment to shaping a more equitable global order.