The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
On 18 January, China announced the launch of trading oil futures in yuan on the Shanghai international energy exchange. This event was advertised for several years as a possible alternative to the petrodollar and now reinforced by the possibility of gold equivalent the Chinese currency
Hungarian-Russian joint venture company Ganz Engineering and Energetics Machinery, which forms part of Russia’s State Atomic Energy Corporation Rosatom, recently signed a contract with South African partner Blue World Power Energy and Resources to supply hydro-electric equipment for the installation of a small-scale hydro-electric power plant
Authorities in the Hebei province in Northern China have decided to halt their ambitious coal-to-gas conversion projects in 2018 and announced that new projects would only be considered from 2020 when a natural gas pipeline from Russia starts to bring additional gas supply