As the centre of gravity of the emerging global order shifts east and south, the West’s addiction to sanctions provides a powerful incentive to non-western countries to develop long-term alternative financial institutions for parking their money and moving them internationally. Putin plays on this sentiment by using the language of being under sanctions attack from the West. Looking at the world from a BRICS-centric lens, all efforts to use US-EU dominance of the international financial system as a lever against other major actors will deepen others’ perceptions of the US-centric financial order as a security threat. The sooner the BRICS lead an international movement against the folly of sanctions, the better.
Posted on: Sat, 16 Aug 2014 03:30:02 +0000