While Barack Obama tours Saudi Arabia, Britain, and Germany in an attempt to get them to sign on to the secret trade pact known as the Trans-Atlantic Trade and Investment Partnership (TTIP), two different nations are looking to join Russia with open arms for a new day of economic prosperity.
On April 28, both Iran and Cyprus announced they were seeking new banking and trade agreements with Russia which will expand their sphere of Eurasian economic cooperation.
Russia’s increased authority in the Middle East is helping to dissolve America’s long-standing domination over OPEC and other oil nations who have supported the petro-dollar for the past 40 years. And it is the offer of bi-lateral trade, over coercion and sanctions, that has pushed Iran quickly into the Eurasian camp following the removal of a decade long restriction to their economic potential.
Cyprus may not seem like the most amenable nation to become a financial hub for Russia because of their experience as the first major nation to execute bank bail-ins a few years ago. But that may end up being an advantage for Russia as it means they are clear of prior toxic debts and will forge agreements that negate the EU’s ability to interfere with financial transactions.
It is becoming clear that there is a difference between what the U.S. and the West have to offer nations in regards to trade and banking, and what the rising powers of Asia and Eurasia do in the transition towards a new global financial system is immense. And that difference is in how America must coerce and beg country’s to join them in their partnerships, while China and Russia are having country’s rush to them and offer alliances of their own accord.