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The 16th BRICS summit, hosted by Russia in Kazan, serves as a crucial platform for President Vladimir Putin to assert Russia's global influence amidst its ongoing conflict with Ukraine. The summit, attended by leaders from two dozen nations, represents the largest gathering of world leaders in Russia in decades, highlighting the growing significance of the BRICS bloc in the face of Western sanctions and isolation. The BRICS group, comprised of Brazil, Russia, India, China, and South Africa, aims to challenge Western economic and political dominance, fostering a more multipolar world order.
The summit's agenda revolves around reducing dependence on Western-led financial institutions and promoting alternative economic models. BRICS members, particularly Russia, have been subject to significant sanctions following the Ukraine invasion, prompting a desire for greater financial independence. The discussions focus on reducing dependence on the US dollar and the SWIFT system, exploring alternative payment mechanisms, and promoting the use of national currencies in bilateral trade. The potential development of a common BRICS currency remains a subject of debate, with experts highlighting potential challenges. However, the emphasis on financial autonomy reflects a growing trend among developing nations to explore alternatives to Western financial hegemony.
For Putin, the summit represents a crucial opportunity to counter the isolation Russia has faced since the Ukraine invasion. Despite the ICC arrest warrant against him, Putin's hosting of the summit demonstrates that Russia has important partners in India, China, and other emerging powers. The expanded BRICS group, encompassing approximately 45% of the world's population and 25% of global GDP, symbolizes a shift in global power dynamics, challenging the West's traditional dominance. The interest of Southeast Asian countries, including Thailand, Malaysia, and even NATO member Turkey, in joining BRICS further underscores this trend, indicating a willingness to explore new partnerships beyond established alliances. The summit in Kazan marks a significant step in Russia's efforts to reassert its global role within a multipolar world order, leveraging the growing influence of BRICS and its allies.
Source: Russia’s BRICS summit: What’s on the agenda and why it matters to Putin