President Vladimir Putin is hosting the Brics summit in Kazan to assert that Western sanctions are ineffective, welcoming leaders from key emerging economies. The gathering aims to demonstrate Russia’s geopolitical alliances and discuss alternatives to the US dollar in global trade as a means to mitigate the impact of sanctions. However, internal divisions within Brics raise questions about the bloc’s effectiveness in achieving unified objectives.
In a strategic move to demonstrate resilience against Western sanctions, President Vladimir Putin is hosting the Brics summit this week in Kazan, welcoming over 20 world leaders, including prominent figures such as Xi Jinping of China, Indian Prime Minister Narendra Modi, and Iranian President Masoud Pezeshkian. The Kremlin has characterized this event as one of the most significant foreign policy initiatives in Russia’s history, aiming to convey a clear message: attempts to isolate Russia have failed. Chris Weafer, a founding partner of Macro-Advisory, remarked, “The clear message is that attempts to isolate Russia have failed. It is a big part of the messaging from the Kremlin that Russia is withstanding sanctions. We know there are severe cracks beneath the surface. But at a geopolitical level, Russia has all these friends and they’re all going to be Russia’s partners.” The Brics coalition, which includes Brazil, Russia, India, China, and South Africa, seeks to present itself as a counterbalance to Western influence and has expanded its membership to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia also invited to join. Collectively, these nations represent approximately 45% of the global population, and their combined economies account for about 28% of the world’s economic activity, totaling over $28.5 trillion. Encouraged by the presence of leaders from nations aspiring to join Brics, Putin aims to foster a narrative of a united bloc that stands against Western pressures. Plans for the summit include discussions on establishing a payment system that circumvents the US dollar, which is seen as a primary obstacle to Russia’s economic stability due to existing sanctions. Weafer noted, “A lot of the problems Russia’s economy is facing are linked to cross-border trade and payments. And a lot of that is linked to the US dollar.” However, divisions within Brics complicate this vision. The complexities of international relations are evident as historical rivalries persist amongst members, notably between China and India, as well as Iran and Saudi Arabia. Former Goldman Sachs Chief Economist, Jim O’Neill, stated, “In some ways it’s a good job for the West that China and India can never agree about anything. Because if those two were really serious, Brics would have enormous influence.” Despite Putin’s ambitions of fostering a new geopolitical order, other nations within the Brics framework, such as India, continue to value their relationships with the West. This summit will serve as Putin’s platform to project unity and influence amidst growing geopolitical tensions, countering narratives of isolation.
The Brics summit reflects a significant initiative by President Vladimir Putin regarding Russia’s standing in global affairs amid Western sanctions stemming from the Ukraine conflict. With a focus on uniting emerging economies against traditional Western powers, the summit represents a response to international pressures experienced by Russia since its military actions began. The Brics group, originally formed by Brazil, Russia, India, China, and South Africa, has expanded its membership and influence and seeks to establish alternative economic frameworks that lessen dependence on Western financial systems and currencies, particularly the US dollar.
In conclusion, the Brics summit serves as a critical platform for President Putin to project a sense of international solidarity and defiance against Western pressures, utilizing the event to strengthen economic ties among participating nations. Despite the considerable economic power represented within Brics, the inherent divisions among member states pose challenges to achieving coherent policies. Nevertheless, this summit will illustrate Putin’s efforts to reinforce Russia’s position on the global stage, portraying a united front against isolationist strategies from Western nations.
Original Source: www.bbc.com
