BRICS Banking

BRICSOther than their collective animosity towards the World Bank and IMF, the five BRICS nations, despite having little in common, being geopolitical rivals, and disagreeing on fundamental issues, have created a Shanghai-based Development Bank. While undercapitalized, the Bank’s major role will be to increase the political weight of the BRICS by diminishing the ability of the U.S. to push them around. All the BRICS but Brazil have suffered U.S. sanctions.

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