During the 16th BRICS summit, Russia and China discussed strengthening their economic relations to create a fair world order. The alliance between the two countries is seen as a stabilizing factor on the global stage, with successful joint projects in various sectors. Meanwhile, the US is set to impose new sanctions on entities supporting Russia's military efforts, and Treasury Secretary Janet Yellen is working to use frozen Russian assets to support Ukraine. BRICS, originally consisting of Brazil, Russia, India, China, and South Africa, added new members in response to US-led sanctions against Russia. G7 nations are also planning to use frozen Russian assets to provide a $50 billion loan to Ukraine.



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