Authored by Andrew Korybko via Substack,
RT recently published an insightful analysis questioning whether the US has finally managed to cut off Russia’s main trade lifeline. The article sheds light on the challenges Russia and China are facing in terms of US-induced payment issues. Surprisingly, Chinese banks have started complying with US sanctions out of fear of facing secondary sanctions, a development that has been corroborated by both RT’s financial expert Henry Johnston and Russian media.
For many BRICS supporters, this revelation is a stark contrast to the anti-Western bloc narrative they have been led to believe. The reality is that the dollar still reigns supreme despite the US sanctions, Russia and China are grappling with payment issues provoked by the US, and true multipolarity is yet to fully materialize due to the remnants of the unipolar system.
China’s economic ties with the West impose certain limitations on its autonomy, as highlighted by Lavrov in a recent interview with RBC:
“China, due to the size of its economy and trade relations with the West, is more dependent on the West than Russia. While China is gradually reducing this dependence, it is a slow process given its well-established banking system deeply entrenched in global financial markets.”
This candid acknowledgment by Lavrov contrasts with the optimistic narratives propagated by some Alt-Media influencers, emphasizing the importance of acknowledging inconvenient truths rather than denying them.
BRICS enthusiasts can draw valuable lessons from this situation: maintaining a balanced perspective on disputes among strategic partners, understanding the structural constraints faced by BRICS members, and recognizing India’s resilience in the face of Western pressure.
Ultimately, BRICS is a voluntary coordination effort aimed at promoting financial multipolarity, but it is not the anti-Western bloc that some envision. The compliance of Chinese banks with US sanctions underscores the nuanced nature of BRICS’ activities.
As the global financial landscape evolves, BRICS continues to play a pivotal role in reshaping the world order in a more equitable direction. Despite the challenges faced by Russia and China, BRICS remains committed to fostering a fairer financial system for the majority of the world’s population.
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