The BRICS in the Era of Renewed Great Power Competition

The BRICS are at a turbulent crossroads as renewed great power competition intersects with countervailing tendencies in the emerging multipolar arena. Their success depends avoiding the external costs and domestic pathologies generated by great power friction. Emerging multipolarity provides opportunities for manoeuvre, but only if outsized China accommodates the other BRICS as it competes against the United States. The BRICS’ strongest common aversion concerns American hegemony and its weaponization of finance. BRICS states are defensively motivated to develop mechanisms to limit infringements on their sovereignty and autonomy. However, in China and Russia financial nationalism is also rising, bolstering Renminbi internationalization.