DISINFO: BRICS is partly replacing the UN
SUMMARY
The BRICS summit in Kazan demonstrated a complete failure of attempts to isolate Russia. Global trade and global economy without the US dollar are on the summit’s agenda. Furthermore, the summit brings together countries who have strained relations with each other, such as China and India. Until now, this could only be possible in the UN. Hence, BRICS is becoming a partial alternative to, and even replacement of, the UN.
RESPONSE
The pro-Kremlin narrative discusses the ongoing de-dollarisation of the world economy, the rising power of BRICS economies, and the concept of an alternative common currency. The article also attempts to boost the image of BRICS by alleging that the organisation is partially replacing the UN.
BRICS stands for Brazil, Russia, India, China and South Africa. Egypt, Ethiopia, Iran and the United Arab Emirates are also BRICS members. On 22-24 October 2024, the Russian city of Kazan hosted the 16th BRICS summit. The Russian leadership used the summit to demonstrate that attempts to isolate Russia have failed.
There is scientific consensus that talk about "global de-dollarisation" is rather premature. See discussions about it here and here. In 2023, the US dollar was estimated at 88% of all international transactions while e.g. the figure for Chinese yuan was around 7%. According to the June 2024 analysis, despite an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments, it remains the preeminent reserve currency. Furthermore, “statistical tests do not indicate an accelerating decline in the dollar’s reserve share, contrary to claims that US financial sanctions have accelerated movement away from the greenback”.
Read earlier disinformation cases claiming that EU sanctions fail to isolate Russia and isolate Europe instead, that anti-Russia sanctions are resulting in US default, that IMF activity is a form of the global hybrid war, and that the Golden Billion enslaves the rest of the world through financial institutions unlike BRICS.