China, Russia Aim to Use BRICS to Challenge Global Financial System—Experts Say It Won’t Work

BRICS currently accounts for 45 percent of the world’s population and 35 percent of the world’s economy in terms of purchasing power.

Russian President Vladimir Putin gives a speech during the extended format meeting of the BRICS summit in Kazan, Russia, on Oct. 23, 2024. Alexander Nemenov/AFP via Getty Images

The BRICS group recently held its first summit since the group’s expansion, in Kazan, Russia, the rotating chair country.

Through the group, China and Russia are seeking to establish an alternative international payment platform that is not subject to Western sanctions—a tactic that experts say is unlikely to work.