larry johnson knows the answer: of course they are; 

I managed to snag my globe-trotter friend, Pepe Escobar, for a video chat on Friday. Pepe had just returned to Paris from the St. Petersburg International Economic Forum (SPIEF). SPIEF is an amazing experience. I was fortunate to attend last year. It is an annual event, held in June during the White Nights of St. Petersburg. Representatives from more than 130 countries attended.

As a result of Russia’s Special Military Operation (SMO) and the ensuing flood of Western economic sanctions, Russia and China have accelerated their economic cooperation and integration. Although India, Brazil and South Africa were founding members of BRICS, Russia and China remain the major players in driving efforts to create an alternative to the US-led financial system. Countries like Indonesia, Malaysia and Vietnam are expected to play a more critical role as BRICS expands in the Global South.

Iran is a full member of BRICS, and I believe that is one of the underlying reasons for the US-supported attack on Iran on June 13. Iran’s enrichment of uranium is just a sideshow. The real objective is to remove the existing government and replace it with one committed to upholding the primacy of the US dollar, especially in oil transactions.

One development to keep your eye on is the Cross-Border Interbank Payment System (CIPS). CIPS is a payment infrastructure launched by the People’s Bank of China in 2015 to facilitate and streamline cross-border transactions denominated in Chinese yuan (RMB). Unlike SWIFT, which primarily acts as a messaging network, CIPS provides both clearing and settlement services, making RMB transactions faster, more cost-effective, and more secure...........more........