Home Money & Business Business Putin welcomes Global South leaders at BRICS summit aimed at diminishing Western influence

Putin welcomes Global South leaders at BRICS summit aimed at diminishing Western influence

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Putin welcomes Global South leaders at BRICS summit aimed at diminishing Western influence

KAZAN, Russia — Global leaders, including Xi Jinping from China and Narendra Modi from India, convened on Tuesday in Kazan, Russia, for a meeting of the BRICS nations. This summit is seen by the Kremlin as an opportunity to challenge the dominance of Western liberal principles. It presents a platform for countries to unite against perceived Western pressures and policies.

For President Vladimir Putin, this three-day summit serves as a chance to illustrate the ineffectiveness of United States efforts aimed at isolating Russia due to its actions in Ukraine. Kremlin foreign affairs adviser Yuri Ushakov characterized this gathering as “the largest foreign policy event ever held” by Russia, highlighting the participation of 36 nations, most notably with over 20 represented by their leaders.

Originally formed by Brazil, Russia, India, China, and South Africa, the BRICS alliance has seen significant growth, now including countries such as Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia. Additionally, nations like Turkey, Azerbaijan, and Malaysia have expressed formal interest in joining the coalition, with others also showing eagerness to participate.

Analysts view the BRICS summit as a strategic move for the Kremlin to showcase solidarity with the Global South, particularly in light of increasing tensions with the West. It aims to strengthen economic and financial collaborations among member nations.

One of the key proposals under consideration includes the establishment of a new payment system. This system is intended as an alternative to the international banking messaging service SWIFT, which would enable Russia to circumvent Western-imposed sanctions and engage in trade with its allies.

During the summit, Putin is expected to conduct around 20 bilateral meetings, with initial discussions alongside Xi, Modi, and South African President Cyril Ramaphosa. Notably, on Thursday, he will meet with United Nations Secretary-General Antonio Guterres, marking Guterres’s first visit to Russia in over two years. It is important to note that Guterres has been vocal in his criticisms of Russia’s actions in Ukraine.