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The BRICS countries — Brazil, India and South Africa, Russia and China — met earlier this year to discuss the idea of an alternative reserve currency to replace the dollar. It’s not new, but the idea is getting wings as the US is seen to exploit its position by debasing the dollar. Countries holding dollars have become unhappy with the Federal Reserve inflating the value of the currency, effectively exporting its inflation. Led by Russia, a second, alternative, Eurasian power bloc is emerging in opposition to the liberal West, comprising more than half the planet’s inhabitants.

Oct. 16, 2022 The Duran: De facto alliance, Russia and Turkey.

In the margins of the 6th Eurasian CICA meeting in Astana President Putin of Russia and Erdogan of Turkey held a meeting that lasted for fifteen hours! In the meeting the two men threshed out a package of cooperation between Russia and Turkey which de facto means that Turkey has joined the Eurasian bloc. This is going to have an as yet unforeseeable number of geopolitical consequences.

What to think of Turkey’s position in NATO and its bases in Turkey? The US recently opened a new base in Alexandroupolis in the north of Greece and upgraded its naval base at Souda Bay, Crete. In the last few weeks the West has been doing everything diplomatically to push Erdogan out of the Western alliance. Looks like their efforts succeeded.

In the fifteen hour meeting Putin proposed to Erdogan that Moscow would turn Turkey into a new supply hub, giving a boost to Turkey’s and Russia’s energy leverage over Europe (video). The proposed platform would allow prices to be set “without political interference”. Putin was not just talking about gas, but also of other commodities such as fertilizers and wheat. Erdogan told Putin he is determined to strengthen and continue transiting Russian grain and fertilizer to less developed countries.

Putin had not delivered his proposal, or the Russian part of the already existing Turk Stream gas pipeline was sabotaged (video). It is anyone’s guess who is responsible for the recent bout of sabotage on civilian infrastructure. Sweden has closed down its investigation of the Nord Stream attacks and refuses to grant third countries access. One of the Nord Stream pipe lines is ready for business. But Germany led by the Green Party is determined to deindustrialize the motor of Europe.

There won’t be any Western takers for the Turk Stream gas hub either. The existing Turk Stream is a project with a capacity of 31.5 Bcm/year going through the Black Sea, supplying Turkey and Europe while bypassing Ukraine. The project is under EU sanctions. But you never know what happens what winter will bring politically as the Russian Special Operation in Ukraine is drawing to a close.

The Turkish hub proposal is very bad news for Greece. Greece has it’s own development plans for energy to north-western Europe which does not involve Turkey, but Israel and Cyprus.

Turkish daily warmongering against Greece is reaching fever pitch. With Turkey joining the Eurasian bloc, Greece has become effectively a front line state on the new dividing line between East and West. How little Erdogan cares for Western sensitivities was evidenced on Friday when Turkey pushed ninety two migrants stark naked over the border with Greece. Erdogan has taken leave of civilization.

Update at 23:50 hours

Oct. 17, 2022 The Duran: Germany says it knows who sabotaged Nord Stream, but…

Update Oct. 20, 2022

Oct. 20, 2022 Alex Christoforou: Final warning to Turkey (and MBS in Saudi Arabia) (at 6:50 mark).

A delegation of a US officials led by the Treasury’s Dept. Assistant Secretary for Terrorist Financing and Financial Crimes, Elizabeth Rosenberg is on the way to the Turkey’s Central Bank in Ankara this week for private talks and to deliver a final warning to Erdogan to stop his move towards the Eurasian bloc, or else…

Previously in Geopolitics