Financial Settlements Within the BRICS Framework: Moving Forward, Despite Problems
... elections may well lead to a tougher American policy towards China. Given this scenario of exacerbation, the politicisation of finance in the form of sanctions is also likely. Among the new members of the Association, the interested parties include Iran, which has been under US sanctions for more than 40 years and is effectively excluded from the world of global finance, with its dominance of dollar payments. The remaining countries which were in BRICS prior to this year (India, Brazil and South Africa), and most of the new ones (Egypt, Ethiopia and the UAE), are still closely integrated into the existing US-centric payment system. The diversification of such a system is hardly an urgent task ...