BRICS summit/ Putin/ Xi Jinping/ Narendra Modi/ BRICS expansion/ Global South/ financial cooperation/ Russia-Ukraine war/ global economic strategy/ Newslooks/ KAZAN/ Russia/ J. Mansour/ Morning Edition/ Russian President Vladimir Putin hosted the BRICS summit with leaders from China, India, and other nations, focusing on financial cooperation and expanding the bloc. The summit underscored Russia’s push to challenge Western dominance, as leaders discussed regional conflicts, new payment systems, and strategies to bolster the Global South.
BRICS Leaders Meet in Russia, Discuss Financial Cooperation and Expansion – Quick Look
- Putin hosts leaders from China, India, and other BRICS nations in Kazan, Russia.
- BRICS expansion and financial sector cooperation are key topics at the summit.
- Putin proposes a new investment platform to support economies of the Global South.
- BRICS seeks to counter Western influence by creating alternatives to global systems like SWIFT.
- The summit highlights Russia’s growing ties with China and India amid Ukraine conflict.
Putin, Xi, Modi Join Global South Leaders for BRICS Talks on Financial Reform
Deep Look
Russian President Vladimir Putin hosted a major BRICS summit on Wednesday in Kazan, bringing together leaders from China, India, and other nations within the bloc of developing economies. The summit, which focused on strengthening financial cooperation and expanding the BRICS alliance, is part of Russia’s ongoing efforts to counterbalance Western influence on the global stage.
In his opening remarks, Putin emphasized the importance of deepening cooperation in the financial sector and addressing a wide range of international issues. “BRICS strategy on the global arena conforms with the strivings of the main part of the global community, the so-called global majority,” Putin said.
BRICS originally consisted of Brazil, Russia, India, China, and South Africa, but the bloc has expanded to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia. Several other countries, including Turkey, Azerbaijan, and Malaysia, have expressed interest in joining. Putin pointed out that the meeting would also discuss regional conflicts and the path forward for BRICS’ expansion.
Financial Cooperation and BRICS Expansion
One of the key topics on the agenda was the creation of a new payment system to provide an alternative to the Western-dominated SWIFT network. Russia has been pushing for this alternative as a way to circumvent Western sanctions, especially in the wake of its invasion of Ukraine in 2022. Putin also proposed a new BRICS investment platform, describing it as “a powerful tool” to support the economies of the Global South and East by providing financial resources.
China’s President Xi Jinping and Indian Prime Minister Narendra Modi also participated in the summit, reinforcing their countries’ commitment to BRICS. Xi highlighted the bloc’s role in maintaining global security and called for avoiding an escalation in Ukraine, while Putin reaffirmed Russia’s partnership with China. “Our relationship is one of the main stabilizing factors on the world arena,” Putin said, emphasizing their ongoing cooperation.
Strengthening Ties Amid Global Tensions
Putin and Xi have met several times in the past two years, strengthening their partnership, including during the war in Ukraine. Both nations view their alliance as critical to challenging U.S.-led influence. Putin praised the “no-limits” partnership they agreed upon just weeks before Russia’s military actions in Ukraine. The two leaders are working to expand their coordination on global forums, seeking a more balanced and multipolar world order.
Russia’s relationship with India also remains strong, with Modi expressing support for peaceful resolutions to international conflicts while avoiding direct condemnation of Russia’s actions in Ukraine. “We support dialogue and diplomacy, not war,” Modi said. His attendance at the BRICS summit marked his second visit to Russia in three months, reflecting the continued importance of Russo-Indian ties, despite India’s complex relations with China.
The Kremlin views the participation of leaders like Xi and Modi as proof that Russia’s isolation from the West has been far from absolute. In fact, the summit attracted representatives from 36 countries, illustrating the ongoing appeal of BRICS to nations in the Global South.
UN Secretary-General’s Controversial Visit
Also attending the summit is United Nations Secretary-General Antonio Guterres, marking his first visit to Russia in more than two years. Guterres’ trip has drawn sharp criticism from Ukraine, which accused the U.N. of undermining peace efforts by engaging with Russia. “This is a wrong choice that does not advance the cause of peace,” Ukraine’s Foreign Ministry said in a statement on X (formerly Twitter).
In response, U.N. Deputy Spokesman Farhan Haq defended Guterres’ visit, describing it as “a standard practice” when attending meetings with organizations that represent a significant portion of the global population. BRICS countries, Haq noted, account for roughly half of the world’s population, making the summit highly relevant to the work of the U.N.
A Broader Geopolitical Context
As the war in Ukraine continues to reshape global alliances, BRICS has emerged as a key platform for countries seeking alternatives to Western-led institutions like the World Bank and the International Monetary Fund. Putin’s focus on financial cooperation is particularly important, as Russia looks to secure economic stability despite Western sanctions.
The expansion of BRICS, with nations like Saudi Arabia and the UAE joining, further signals the growing influence of the bloc. However, internal divisions remain, especially concerning the role of China and Russia in the Ukraine conflict. Both countries have resisted Western calls for sanctions, while others, like India, have sought to maintain a neutral stance.
Putin is expected to hold several bilateral meetings on the sidelines of the summit, as Russia continues its diplomatic efforts to strengthen ties with non-Western nations. The outcomes of these talks could have significant implications for the future of global economic cooperation, particularly in the context of the ongoing war in Ukraine.
