China’s export controls on rare earth metals are part of a broader strategy. Since 2024 the BRICS-countries (Brazil, Russia, India, China and South-Africa) have reportedly been working toward the launch of a new metals trading platform - covering everything from gold and silver to rare earths - that will operate independently of Western exchanges in Chicago and London, as well as Western payment systems like SWIFT. Together, the BRICS control roughly 84% of the world’s rare earth reserves. Much like the Arab OPEC-countries during the 1973 oil crisis, the BRICS could use their dominance in critical resources to exert pressure on the United States and Europe.
