China, Russia Aim to Use BRICS to Challenge Global Financial System—Experts Say It Won’t Work

The BRICS group recently held its first summit since the group’s expansion, in Kazan, Russia, the rotating chair country. Through the group, China and Russia are seeking to establish an alternative international payment platform that is not subject to Western sanctions—a tactic that experts say unlikely to work. BRICS was established by Russia, China, and India, and was later joined by Brazil, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia has been invited to join the group but has not formally become a member. Russia has been using China’s CIPS (Chinese Yuan RMB-based cross-border payment system) for limited international trade, since it was banned from the U.S. dollar-based SWIFT platform after it invaded Ukraine in 2022....