UAE and Saudi joining BRICS, what are your thoughts on the effects of this?
The United Arab Emirates (UAE), Kingdom of Saudi Arabia and Egypt are among six nations that have been invited to join the BRICS group of nations, and will join it in Janurary 2024
What do you guys think what effects it will have on the global economy?
You are viewing a single comment
Where did you get your information from?
The sanction have "hit" Russia such hard that Putin has been smiling ever since. He'd, perphaps, wish more of the sanctions any day.
Who's in resession now - Russia or Europe? Europe. Russia, on the other hand, expects the growth of 2-2.5% this year. Higher than previously expected. Higher than US. Even the US firms have forecasted this.
And Russia has been able to localize a lot of manufacturing too, ncluding engines, tourbines and similar hight-tech stuff, thus breaking dependence on the West. Every week there'll get open new manufacturing.
There've been some downsides for Russia too, but mainly - upsides.
Not to mention rushing to switch trade from USD to the local currencies or RMB.
....whilst under 15k sanctions.