The US is getting ready to unleash a new wave of sanctions against Russia, targeting companies and individuals helping Moscow’s war effort. This comes as Russia and China, both members of the BRICS economic bloc, are strengthening their ties.
BRICS: A Growing Force?
BRICS, which stands for Brazil, Russia, India, China, and South Africa, is a group of emerging economies aiming to challenge the US-led world order. This year, they expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
Russia and China are pushing for closer economic cooperation within BRICS, aiming to create a “fair world order.” They see their partnership as a stabilizing force in a volatile world.
US Responds with Sanctions
US Treasury Secretary Janet Yellen has announced that the US will be imposing new sanctions on those supplying Russia with military resources. This includes companies and individuals in third-world countries.
Yellen also stated that the US is working to use frozen Russian assets to support Ukraine. The US and its allies froze over $300 billion in Russian assets last year in response to the invasion of Ukraine. Now, they are reportedly considering using these funds to provide a $50 billion loan to Ukraine.
A New World Order?
The US and its allies are clearly concerned about the growing influence of BRICS. The group’s expansion and the deepening ties between Russia and China suggest a shift in global power dynamics. It remains to be seen how this will play out in the long term.
