Putin, Xi and Modi Unite Against US Sanctions

The summit produced a massive 140-page declaration and BRICS is back on track after a two-year pause. Technical work on payment systems continued during the period when political momentum appeared to stop.

Brazil's presidency caused everything to stop as officials shifted topics to green issues and feared U.S. sanctions. Russia was angry with Brazil for not moving forward on BRICS Pay, and Brazil accused Russia of being rude.

Modi chaired the summit with great skill, keeping everyone talking and securing attendance from all leaders. This is the first BRICS summit since Kazan where all leaders attended together and signed the declaration.

Digital currencies and BRICS Pay are techniques to move money to avoid sanctions and bypass SWIFT. Interbank payment systems have proliferated within BRICS states, with Indonesia taking a proactive role. BRICS declared that sanctions are illegal unless authorized by the UN Security Council.

U.S. and EU sanctions policies, especially targeting India, have accelerated BRICS Pay development.

The U.S. is addicted to sanctions, and Trump should have declared the dollar would no longer be weaponized.

Iran appears more committed to BRICS now, suggesting an internal debate where BRICS advocates are ascendant.

Some in Iran are realizing the U.S. will never lift sanctions or release frozen funds regardless of agreements.

Russia's frozen $200 billion is useful as is because reserves are restored and the war is funded with no debt. The frozen funds are creating tensions within the EU, fracturing the bloc and justifying BRICS payment systems.

Trust in Western financial systems is gone, with Middle Eastern capital flowing to Hong Kong instead. China is creating a depository to rival Euroclear, and if Euroclear fails, Belgium will be in big trouble.

The Trump administration will retaliate by backing Bolsonaro in Brazil, with a good chance of winning.

Swinging Latin America behind the U.S. is a major but underreported achievement of the Trump administration.

The U.S. will ramp up pressure on India through tariffs and mobilizing pro-American factions.

Modi and India's political class have had enough and see the U.S. as unstable and demanding subordination. India is recommitting to BRICS because Russia offers a more equal relationship than the U.S.