Vladimir Putin did number Russia’s largest gathering of world leaders since its invasion of Ukraine, and he will use the BRICS mountain to demonstrate to the US and its allies that he is not a pariah.
The Kremlin is taking advantage of the Russian military’s advance in eastern Ukraine and proof of growing combat fatigue among some of Kyiv’s friends as a means of reshaping the world purchase. The US and its Group of Seven lovers refute the claim, even though the information is shared by some nations in the developing earth.
Officials of 32 locations, as well as top officials of local businesses and United Nations Secretary-General Antonio Guterres, may enter the three-day mountain starting Tuesday in Kazan, Kremlin foreign policy secretary Yuri Ushakov told reporters.
Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa are expected to meet Putin alongside leaders of the new BRICS people, Iran, Egypt, the United Arab Emirates and Ethiopia. Putin organizes diplomatic sessions with a large number of them, as well as with visitors like Turkish President Recep Tayyip Erdogan.
Luiz Inacio Lula da Silva, the president of Brazil, canceled his plans to attend the conference on Sunday after suffering a head injury in a home accident. He’s being reportedly linked to a film website to join.
Conflicts are simmering over its course and control, despite the grouping’s growing curiosity as a political and economic counterpoint to the West. The people are divided on whether or not to lower the dollar’s use as a global reserve currency and whether or not it is wise to keep the party expanding.
Members of the BRICS oppose efforts to promote China’s yuan as an alternative supply currency, despite the country’s preference for more frequent use of foreign currencies in diplomatic industry.
Russia has released a mountain report outlining potential changes to cross-border payments between BRICS nations in an effort to defray the global financial system, despite acknowledging that the recommendations are primarily intended to spur discussion. They include creating strong links between central banks and building a network of corporate borrowers so that customers can transact in local currencies.
Still, other BRICS states do n’t have the same incentives to escape the dollar-based system as Russia, whose economy is straining under sweeping sanctions imposed over Putin’s February 2022 invasion of Ukraine.
Russia wants to push for a de-dollarized repayment program at the mountain, which China regards as very optimistic, said Wang Yiwei, chairman of Renmin University’s Center for European Research in Beijing.
The mountain is the first since the BRICS agreed to extend account to six further nations at the summit last year in South Africa. However, Saudi Arabia has continued to be unresponsive under the leadership of its fresh leader Javier Milei.
Countries as diverse as Malaysia and Thailand, Nicaragua, and Turkey, all members of NATO, are eager to join the BRICS, though it’s doubtful there will be an extension deal at the Russia summit.
Because the subject is sensitive, Indian authorities said on condition of anonymity that they are opposed to further development and supports a group of” BRICS partner nations” without having the right to vote because they want to prevent the team from becoming an anti-US system dominated by China and Russia.
Brazil and South Africa support India’s view, said officials in the two countries. The officials from South Africa said they would oppose any attempt to weaken South Africa’s influence by inviting Morocco or Nigeria into the BRICS.
According to a person with knowledge of the situation, the UAE would not be identified discussing internal policy and would not be identified when attempting to present BRICS membership as a sign that the Global South is opposed to the West. According to another official, the Gulf state has excellent relations with West African nations, including the US.
BRICS “expansion is a clear sign that the global balance of power is shifting”, said Alicia Garcia-Herrero, a Hong-Kong based economist who’s a senior research fellow at the Bruegel think tank. Given its high economic reliance on China and members ‘ deteriorating attitudes toward China, the group’s future is uncertain, however.
Jim O’Neill, the Goldman Sachs economist who first coined the BRIC acronym in 2001, said expansion had made the group “highly political”. He stated at a forum in London in November,” I’m not sure what useful purpose it serves other than being a club that the US is not a part of.”
BRICS ‘ clout is growing. Its nine members account for 26 % of the world economy and 45 % of the world’s population versus the G-7’s 44 % of global gross domestic product and 10 % of its inhabitants. Brazil will host next month’s G-20 summit, following India’s presidency last year and ahead of South Africa’s in 2025.
After South Africa warned it would have to comply with an arrest warrant against him for alleged war crimes in Ukraine, which the International Criminal Court issued in March of last year, Putin opted not to attend the BRICS summit last year.
Although the warrant has restricted Putin’s travels, the gathering of so many foreign leaders in Russia shows how ready many people are, particularly from Global South countries, to continue meeting him in defiance of the US and its allies.
Fyodor Lukyanov, head of the Council on Foreign and Defense Policy, a think tank that advises the Kremlin, said that the fact that so many nations want to join the BRICS indicates growing demand for international ties independent of the West.
” For now, everyone just wants to see what it can gain from this”, he said.
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Russia hosts BRICS leaders, signaling Putin is far from isolated
Vladimir Putin, the chairman of Russia, is present at the Moscow BRICS Business Forum.
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