I am pretty sure that the Variags were meant to represent Africans.
The half-orcs in Sauraman's army were described as being squint-eyed and having sallow skin. These are possibly representing North Asians.
The northmen such as those in Rohan, have blond hair and probably resemble Scandinavians.
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His sword was long his lance was keen
His shining helm afar was seen
The countless stars of heavens field
Were mirrored in his silver shield
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