A global game changer in reaction to Western sanctions
Tom KirkmanIndependent Project Manager
This is significant. This is a global game changer.
And this is a direct reaction to Western sanctions. A pushback against the petrodollar and the Euro.
At some point, this will also impact the global trade of oil, gas, LNG and coal.
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“The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to turning into BRICS+: a sort of G20 of the Global South.
● The system will include a single payment card
– in direct competition with Visa and Mastercard –
merging the already existing
Russian MIR,
China’s UnionPay,
India’s RuPay,
Brazil’s Elo,
and others.
That will represent a direct challenge to the western-designed (and enforced) monetary system, head on.
● And it comes on the heels of BRICS members already transacting their bilateral trade in local currencies, and bypassing the US dollar.
This EAEU-BRICS union was long in the making – and will now also move toward prefiguring a further geoeconomic merger with the member nations of the Shanghai Cooperation Organization (SCO).
… All of these moves acquire even more importance as they connect to fast increasing, interlocking trade between
Russia,
China,
India, and
Iran:
from Russia’s drive to build new pipelines serving its Chinese market
– to Russia, Kazakhstan, and Uzbekistan discussing a gas union for both domestic supplies and exports, especially to main client China.
Slowly but surely, what is emerging is the Big Picture of an irretrievably fractured world featuring a dual trade/circulation system:
– one will be revolving around the remnants of the dollar system,
– the other is being built centered on the association of BRICS, EAEU, and SCO. …”