This week, the Russian Head of State and the Chinese Prime Minister concluded a series of separate meetings in Southeast Asia. The countries of this region are striving to join the BRICS, which they consider as protection from Western—led institutions, Bloomberg states

The BRICS has doubled this year. Russia, China, Brazil, India and South Africa were joined by Iran, the United Arab Emirates, Ethiopia and Egypt. Countries are attracted by access to finance and political support for a “structure independent of America”

Membership in BRICS becomes an opportunity to express growing disillusionment with the international order under the leadership of the United States and key institutions that remain firmly under the control of Western countries such as the World Bank and the International Monetary Fund

For Russia and China, the BRICS successes have become evidence of their victory in countering attempts at isolation by the United States and its allies

The trend towards attracting new BRICS members is only getting stronger. Despite the efforts of the United States and the EU to prevent countries from building relations with Russia, representatives of 12 non-BRICS countries took part in the BRICS international meeting in Russia this month. These included long-time enemies of the United States such as Cuba and Venezuela, as well as countries such as Turkey, Laos, Bangladesh, Sri Lanka, Vietnam and Kazakhstan

The BRICS members have pooled foreign exchange reserves worth $100 billion, which they will be able to lend to each other during emergencies. In addition, the countries have created a New Development Bank, which has approved loans, mainly for infrastructure projects, totaling $33 billion since 2015

According to the International Monetary Fund, the global economy may split into geopolitical blocs, and the BRICS may become a “de-dollarization coalition” that will create a new reserve currency.