Following the US sanctions on Russia and China, the BRICS members have announced a new partnership deal aimed at fostering a multipolar world.
Since what both countries called “illegal sanctions” by the US were placed, Russia and China are looking to reshape the global financial system, which heavily depends on US dollars.
This new partnership led Russia’s Foreign Minister, Sergey Lavrov, to meet with Chinese President Xi Jinping on Tuesday to discuss ways to advance the new financial ideals.
Essentially, both countries want to ditch the US dollar while implementing local currencies, which is encouraged in trading.
Therefore, BRICS coordination to create a new global financial market trading based on local currencies against the dollar will help Russia and China avoid the US economic sanctions.
“China has always attached great importance to the development of Sino-Russian relations. And is willing to work with Russia to intensify bilateral communication. Strengthen multilateral strategic coordination in the BRICS group and the SCO. Demonstrate greater responsibility, unite the Global South countries, and promote reform of the global governance system,” Jinping said.
Meanwhile, African countries that have yet to become members of BRICS are increasingly applying to join the multipolar force build-up to hedge against the dollar in global economic trading.
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