Who blew up the Nordstrom gas pipeline? Yanis Varoufakis says dramatically in this video that no one noticed China’s long-term objectives. Even though people have been discussing China’sBelt and Road and BRICS since it began in 2009. Have a look at this video and then read on, if you wish.
The political economy of oil
BRICS membership was initially Brazil, Russia, India, China, and South Africa, and is now expanded with members such as Egypt, Ethiopia, Iran, the UAE, Indonesia and Venezuela. BRICS aims to challenge US hegemony in world trade, in this case, the US petro-dollar.
Underpinning Yanis Varoufakis dramatic claim that China won the oil war is that we should give more focus to oil contracts than to resistance currently being organized by Venezuela. Maduro refused Trump’s offer to bring Venezuela into its orbit of trade. Maduro couldn’t do that because it chose BRICS as the way forward long ago but was blocked by Brazil because of the US challenge to the Venezuelan election result.
Is Yanis wrong to counterpose political and oil contracts?
The Palestinian Authority applied for membership of BRICS some time ago, and this is currently under review, not just by China . Did China prevent the genocide in Gaza? Why did China oppose Yemen’s blocking of the Gulf? China wants to trade oil through the Arabian Gulf. Should states ignore Israel’s genocide of the Palestinians and focus on the economic, i.e., oil and gas contracts that China is signing? On what basis? Surely not democracy?
Currently, the former Greek finance minister is talking about an agreement between China and Venezuela under BRICS. Venezuela joined BRICS in early 2025, having been blocked by Brazil (the B in BRICS) in 2024.
Unanswered questions
What happened to Greece? Why did Greece reject refugees? Why did it move to the right with the rest of Europe? Why is the Greek economy in tatters? A similar move is underway in Brazil, with the leftwing Lula government likely to lose the 2026 elections if current trends prevail.
If that happens, Brazil may leave BRICS. When Argentina moved to the right, it withdrew its application to become part of BRICS.
Having said all that, consideration of economic factors is of vital importance. The sad reality for climate justice is that the world economy is still very much tied up with oil. To look closely at the dollar’s role in US imperialism is important, but so too is the Euro and the Yuan. But there is still no alternative to the dollars as originally promised by BRICS in 2009. Why?
Ian Curr
22 December 2025
BREAKING: The United States has seized a third oil tanker off the coast of Venezuela.
This is blatant piracy.
The US must release the tanker and cease its dangerous blockade in the Caribbean.
from CODEPINK