Russia frozen out of Brics countries’ reserve-sharing, End of globalisation concerns are exaggerated, and more

Russia frozen out of Brics countries’ reserve-sharing

By David Marsh and Lewis McLellan

China and other leading emerging market economies in the Brics group have effectively frozen out Russia from a ground-breaking reserve-pooling mechanism, demonstrating US success in isolating Moscow over the Ukrainian war. As a result of America’s global monetary power, Russia’s economic allies refuse to run the slightest risk of suffering US financial reprisals against countries breaking western sanctions.
There are widespread expectations that Moscow may soon default on foreign debt. 

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