The result of putting the US security over your security
The official inflation numbers in the EU are BS. The food price to the consumer has increased by 20-50% already. With the increase in the price of energy a lot of other prices will increase. It is only a matter of time until the costs percolate down the economic chain and hit the final consumer. And guess what with the lack of availability of fertilizer due to EU sanctions regime the longer this economic fight continues the worst it will be. Fertilizer producers in the EU had already shut down production last year due to increasing natural gas prices. Now the price is even higher, fertilizer imports from Russia and Belarus are basically stopped either due to sanctions, direct or indirect transportation bans and boycotts (Belarus forbidden from using Baltic ports for export, sea freight to or from Russia banned by EU shipment companies), payment issues due to SWIFT ban, or whatever. Diesel oil price will also increase. Had they done the ban on Russian oil imports that they wanted, the price of diesel would have dramatically increased, and basically screwed all freight with diesel trucks, diesel trains, and agricultural production with diesel tractors. Aviation gas price would also have substantially gone up. While that is less important than in the US, which depends on air travel a lot more than the EU, the diesel price increase would cripple EU economy.
BRIC was just a western concept from the 90s. They were all target markets for western corporations to expand into, but had very little in common economically, let alone politically. At some point South Africa was added to add some diversity.
This new bunch of countries is even more unusual than the original BRICs.
I hope they at least add Indonesia to the mix. Indonesia has 7th largest GDP in PPP ahead of UK, France, Italy, Canada, etc. It is under represented in global institutions in general.
