Former Senator warns US sanctions fuel BRICS growth

Former Virginia State Senator Richard Black argued that Western sanctions imposed on Russia have unintentionally empowered the BRICS coalition, positioning it as a growing financial counterbalance. 

In a recent interview with Tass, Black explained that while sanctions initially pressured Russia, the nation has since regained diplomatic strength by building alliances in Asia, Latin America, and Africa. 

He stated, “The economic collapse anticipated for Russia did not materialize; instead, its finances surpassed expectations, and its industrial sector became more resilient, while Europe faced setbacks.” 

Black contended that the exclusion of Russia from the SWIFT banking system and property seizures contributed to global mistrust of Western-led policies. 

However, he stressed that the freezing and confiscation of Russian assets “most significantly exposed the fragility of the ‘rules-based order.’” 

This move, according to Black, raised fears among nations in the Global South, wary that similar actions could be taken against their own financial reserves. 

Black also discussed the alleged sabotage of the Nord Stream pipelines in September 2022, which, in his view, harmed Europe’s economy more than Russia’s. 

He described the incident as an example of neglecting the strategic interests of even America’s closest allies. 

The former senator noted that these developments are driving nations to explore alternatives to traditional Western financial dominance. 

Although BRICS may not immediately replace existing financial systems, Black emphasised, “Its growing influence presents a challenge that cannot be dismissed. Without policy reforms, the U.S. risks facing a genuine financial threat from the BRICS coalition.”