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.
