BRICS vs USA: What's the economic rivalry all about?

Tensions between Russia and the West have been high since 2014 when Russia annexed Crimea, a region of Ukraine. In response, the United States and European Union imposed economic sanctions on Russia, targeting its energy, financial, and defense sectors. Since then, the relationship between Russia and the West has deteriorated further due to various conflicts, including the Syrian Civil War and allegations of Russian interference in the 2016 US presidential election.

In recent years, China has also become a major player in the global economy and has had its own issues with the West, particularly the United States. The US and China have been in a trade war since 2018, with both countries imposing tariffs on each other's goods. The US has also been critical of China's human rights record and its territorial claims in the South China Sea.

Russia and China have increasingly turned to each other as partners in the face of Western sanctions and pressure. In 2014, the two countries signed a $400 billion gas deal, which was seen as a way for Russia to diversify its energy exports away from Europe and towards Asia. Since then, the two countries have strengthened their economic ties, with China becoming Russia's largest trading partner in 2019.

One area where Russia and China have cooperated is in the creation of an alternative global financial system that is not dependent on the US dollar. This effort is driven in part by concerns about the dominance of the US in the global financial system and the potential for US sanctions to disrupt trade and investment. Russia and China have created the China-Russia International Rating Agency, which aims to provide an alternative to Western credit rating agencies like Moody's and Standard & Poor's. They have also established the China-Russia Regional Payment System, which allows direct yuan-ruble transactions without the need for US dollars.

However, despite the growing economic ties between Russia and China, there are also areas of tension. One area of disagreement is in the energy sector, where China has been pushing for lower prices for Russian gas. There are also concerns about the imbalance in the economic relationship, with China exporting more goods to Russia than it imports.

Meanwhile, the relationship between China and the West remains tense. The US has imposed sanctions on Chinese companies and individuals over alleged human rights abuses in Xinjiang, and there are concerns about Chinese companies' access to Western technology and intellectual property. The US has also been critical of China's territorial claims in the South China Sea and its relationship with North Korea.

Overall, the economic and political situation between Russia, China, and the West is complex and constantly evolving. The ongoing tensions between Russia and the West, as well as between China and the US, have pushed Russia and China closer together economically. However, there are also tensions and disagreements between Russia and China, and between China and the West. How these relationships will evolve in the future is difficult to predict, but they are likely to have significant implications for the global economy and political landscape.