Press TV has conducted an interview with Rodney Shakespeare, professor of binary economics in London, about the group of five major emerging national economies, known as the BRICS, launching the New Development Bank (NDB) in the Chinese city of Shanghai to counter Western-dominated financial organizations.

The following is a rough transcription of the interview.

Press TV: Of course when we look at BRICS and what they represent in terms of world’s population, it was necessary for this bank to form mainly because you have the corrupt World Bank which is Washington-based, that has come out looking so bad in terms of how it has represented different countries, especially the African continent?

Shakespeare: This is a huge financial development but it also has massive implications for all Iranians who at this moment are very worried about the nuclear agreement. Firstly the bank, the bank stands on its own feet, it will be concerned with infrastructure but it is part of a bigger development which is going to parallel the Western financial system. You are only too aware that Iran is being subject to unfair financial sanctions and so Russians indeed, and that can happen because America and Zionism control the financial system but the BRICS bank is part of what is going to be a competing system.

It won’t necessarily be run and administrated by states but it will be competing and the ability of the West to put on unfair sanctions, particularly financial ones, is going to be curtailed. And that is the point for all Iranians who are worried about the nuclear agreement.

I tell you now the United States is going to break that agreement, it will break it in the next few weeks or when the Republicans get in or with Israel, there would be a false flag attack and it would be blamed on Iran. But the point is and the significance of the BRICS bank is that the world is moving on, the power is shifting away from America and that if America breaks the agreements as it will, the rest of the world will be carrying on and it will have a competing structure with which to organize itself and effectively to ignore America and turn it into what it truly has become – a pariah nation.

So it is good news on the BRICS bank because it is part of a competing structure, it has implications and I say to all Iranians yes, the nuclear agreement is going to be broken but the world is moving on and the effects of sanctions in the future is going to be greatly lessened because of this competing structure.