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Oil Giants Joining BRICS a Strategic Success for China and Russia, Expert Says Skip to main content

Oil Giants Joining BRICS a Strategic Success for China and Russia, Expert Says

Oil Giants Joining BRICS a Strategic Success for China and Russia, Expert Says

A German expert says that the BRICS economic bloc adding several oil giants as new members “is a strategic success for China and Russia.” The BRICS leaders announced at their annual summit last week that they have invited Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia to join as new members.

BRICS Adding 6 New Members

Prof. Dr. Daniela Schwarzer, an executive board member at Bertelsmann Stiftung, an independent foundation based in Germany, said in an interview with Austria’s Der Standard newspaper that the BRICS economic bloc adding some of the world’s largest oil producers marks a strategic success for Russia and China.

“Schwarzer is regularly consulted as an expert and policy advisor. She is currently a member of the working group convened by the French and German governments on reforming the EU,” Bertelsmann Stiftung described. “She also advised France and Poland during their respective EU presidencies and was a consultant to the French prime minister’s Centre dʼAnalyse Stratégique.”

Schwarzer was quoted by Russian news outlet Tass as saying Friday:

The expansion of the BRICS group is a strategic success for China and Russia … being joined by three of the world’s largest oil and gas exporters … Iran, Saudi Arabia and the United Arab Emirates.

Western leaders “must understand this enlargement as an attempt to establish a serious counterweight to the G7, whose share of the global GDP is steadily declining,” she emphasized.

The BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit last week. At the conclusion of the summit, the BRICS leaders announced that they have invited six countries to join the economic bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). According to Russian Deputy Foreign Minister Sergey Ryabkov, all six countries have said “yes” to membership, which will commence on Jan. 1, 2024.

After the BRICS summit, Belarusian President Alexander Lukashenko told reporters that while he believes “Western hegemony has not ended yet,” the expansion of the economic bloc “is a strong step in this direction” and “a very strong step towards a multipolar world.” According to South Africa which hosted the BRICS summit this year, Belarus is among the 23 countries that formally applied to join the BRICS group.

In their declaration released Thursday, the BRICS leaders stressed the importance of encouraging the use of local currencies in international trade and financial transactions — a move that will reduce their reliance on the U.S. dollar.

Do you agree with Schwarzer that the BRICS economic bloc adding oil giants as new members is a strategic success for Russia and China? Let us know in the comments section below.

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