Top Oil Producing Countries Joining BRICS a Win for China & Russia
Out of the six new countries that are being inducted into the BRICS alliance, five of them are oil-producing nations. Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia export millions of barrels of oil each year to the West. Argentina is the lone country that doesn’t produce oil but gained entry as it allows multinational corporations to settle trade in local currencies. Therefore, BRICS is now equipped with the best, and China and Russia are likely to gain the most out of the new development. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? BRICS: China & Russia Gain The Most From Inducting 6 New Countries Source: TheWire.in Prof. Dr. Daniela Schwarzer, an Executive Board Member at Bertelsmann Stiftung, an independent foundation based in Germany, said that China and Russia see a strategic win in adding the six new countries to the bloc. According to Schwarzer, top Oil -producing countries could bail out China and Russia ’s econom...