As Western governments ratchet up sanctions against Russia over its invasion of Ukraine, Moscow’s emerging-markets allies are exploring channels for trade and financing to continue.
The other members of the BRICs group Brazil, India and China are treading cautiously for fear of tripping on the sanctions, but the beginnings of a parallel financial system centered on Beijing are becoming detectable.
The US and Europe have banished big Russian banks from the main global payments system SWIFT and announced other measures to limit Moscow’s use of a US$640 billion war chest.
So the willingness of the emerging-market giants to sustain business relations