Sanctions on Russian energy are leading to closer partnerships among BRICS nations and promoting expansion with major oil producers. Originally comprised of Brazil, Russia, India, China, and later joined by South Africa in 2010, BRICS was informally founded in 2009 to counter the dominant role of the United States and Western allies in the world order. The group focuses on geopolitics, economic cooperation, and multilateral trade and development.
Since its formation, BRICS has garnered interest from over 40 countries, including Saudi Arabia, Iran, Argentina, and Egypt, among others. The recent expansion of BRICS to include Saudi Arabia, UAE, Egypt, Iran, Argentina, and Ethiopia as full-time members solidifies the bloc’s global energy influence. By 2028, the group will account for 37.3% of the world’s GDP.
The growth of BRICS also means a significant increase in the bloc’s representation in Africa, the Middle East, and Latin America. The addition of major oil producers to the group, along with the existing members, positions BRICS to hold a substantial share of the world’s natural resources. Additionally, the sanctions imposed on Russia by the West are pushing BRICS nations closer together and fostering stronger bonds within the group.
The decision to include new states in the group, particularly those from the Middle East, has geo-economic, geostrategic, and geopolitical implications. The newly invited members aim to provide energy security to the bloc and counterbalance Western dominance. With a focus on ensuring their economies function without being subject to secondary collateral damage from sanctions, BRICS is strengthening its coalition of developing nations and elevating the interests of the Global South at the international level.
– OilPrice.com: https://oilprice.com/Energy/Geopolitics/New-BRICS-Members-Boost-Blocs-Global-Energy-Influence.html