This reserve currency battle (BRICS vs Dollar) is the real reason Russia invaded Ukraine. Their strategy at the time was to gain control of Ukraine’s energy and then use that to blackmail the EU to stay out of the China vs Taiwan up coming conflict.
However, the shock and awe campaign to take over Ukraine failed. The US and NATO were able to drag out the conflict and make it FAR more expensive in man and material that Russia thought it would be. That long term approach is now pushing on the Ruble, hurting the Russian economy.
This has allowed US and NATO to reactivate some of their defense production and now it works to jeopardize the success of China vs Taiwan. That is why China has delayed their attack.
As if they needed permission?
No, NATO's effort to steamroll Russia going back to 2008 and earlier was not some kind of weird cover to bulk up military spending to defend Taiwan or a Chinese stratagem to attack it. Good grief.
The initial shock and awe worked - it got UKR to the negotiating table. Up until then they were (under NATO direction) ignoring Russia’s calls for negotiations.
The post shock-and-awe meetings produced an agreed framework for a ceasefire and security agreement for UKR.
NATO torpedoed that deal. NATO decided it would rather have thousands of Ukrainians die for GLOBOHOMO rather than talk to Russia about a ceasefire and long-term security arrangement.
Great analysis!