Authored by Andrew Korybko via Substack, RT published a feature analysis on Friday asking, “Has the US finally succeeded in choking off Russia’s biggest trade lifeline?” Readers are encouraged to read it in full to learn more about Russia and China’s US-provoked payment problems. In summary, Chinese banks of all sizes have suddenly started complying with the US sanctions due to fear of secondary sanctions. RT’s financial expert Henry Johnston noted that domestic Russian media have reported similarly. This development is surprising for many BRICS enthusiasts influenced by optimistic articles since the special operation began, leading them to believe BRICS is an anti-Western bloc.

They were also under the impression that “the dollar is dead” or “about to die,” that Russia and China are steadfast allies resisting the West, and a new world order was replacing the American-led unipolar system. However, none of this is true. The dollar remains the world’s reserve currency despite the damage from US anti-Russian sanctions. Russia and China face US-provoked payment problems, and multipolarity has yet to fully emerge due to the American-led unipolar legacy. China’s economic and financial interdependence with the West limits its sovereignty, discussed by Lavrov in an interview with RBC. Lavrov acknowledged this issue, showing BRICS enthusiasts the value of addressing inconvenient facts instead of denying them, unlike some Alt-Media influencers.

Another lesson is to approach sensitive disputes among strategic partners calmly, as Johnston did, rather than exaggerate them like “doomers” do. Thirdly, the reality of BRICS is becoming clear: it’s a network of countries voluntarily coordinating to accelerate financial multipolarity but limited by their Western ties. If BRICS were an anti-Western bloc, Chinese banks wouldn’t comply with US sanctions. India has also proven more resilient to Western pressure than China. Although BRICS enthusiasts are wary of India’s ties with the US, Sberbank’s Deputy CEO confirmed no restrictions on its operations in India, handling 70% of Russia’s $65 billion trade with the country last year.

Reflecting on these points is essential. BRICS enthusiasts should incorporate these lessons to recalibrate their worldviews to reflect reality more accurately. It’s understandable to have high hopes for BRICS, but it’s better to temper expectations with facts to avoid inevitable disappointment. Despite the group’s challenges, as proven by Russia and China’s US-provoked payment problems, and limitations in its activity, BRICS is still gradually reforming the financial world order in a fairer direction for the Global Majority. Johnston concludes, “The fading hegemon still has a few trump cards it can play with some effect – and it is playing them now. But every time it does, it brings closer the day in which those cards will be rendered obsolete.”

• 1 April 2023: “Popular Expectations About BRICS’ New Currency Project Should Be Tempered”
• 27 July 2023: “Alt-Media Is In Shock After The BRICS Bank Confirmed That It Complies With Western Sanctions”
• 3 August 2023: “Russia Is Finally Correcting False Perceptions Of BRICS”
• 17 August 2023: “BRICS Officially Confirmed That It Doesn’t Want To De-Dollarize & Isn’t Anti-Western”
• 21 August 2023: “Lavrov Explained How Russia Envisages BRICS’ Global Role”
• 24 August 2023: “BRICS’ Expansion Is Beneficial But It Also Isn’t Without Strategic Challenges”
• 28 August 2023: “RT Took Care To Clarify India’s Approach Towards BRICS In Order To Avoid Misunderstandings”
• 6 January 2024: “Bridging The Gap Between Russia & Iran’s Differing Views On Whether BRICS Requires A Secretariat”
• 9 March 2024: “BRICS Is Transforming Into A Multipolar Discussion Club & Economic Integration Platform”
• 27 August 2024: “An Indian Source Shed Light On BRICS’ Financial Multipolarity Plans”
• 2 September 2024: “Korybko To SCF’s Hugo Dionisio: You’re Right About Lula, But Wrong About BRICS & India”
• 6 September 2024: “BRICS Membership Or Lack Thereof Isn’t Actually That Big Of A Deal”