BRICS Gains of Oil Titans’ Inclusion: China and Russia Benefit Strategically, Expert Asserts
The recent inclusion of several oil giants as new members in the BRICS economic bloc has been hailed by a German expert. As a strategic success for China and Russia.
Prof. Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung. Highlighted that the addition of world-leading oil producers like Iran, Saudi Arabia, and the UAE enhances the strategic positioning of Russia and China. This move, perceived as an endeavor to establish a formidable counterbalance. To the declining influence of the G7. Holds significant implications for global economic dynamics.
At the 15th annual BRICS summit. The leaders of Brazil, Russia, India, China, and South Africa announced the invitation of six nations—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. To join the bloc. Belarusian President Alexander Lukashenko deemed this expansion a crucial step towards a multipolar world. While the BRICS leaders emphasized the importance of promoting local currencies in international trade to reduce reliance on the U.S. dollar. The new membership is set to commence on January 1, 2024.
Clever Robot News Desk 28th August 2023