Russian President Vladimir Putin declared that the expanded BRICS group is helping create a “multipolar world,” challenging the US-led global order. Speaking at the BRICS summit in Kazan, Russia, Putin emphasized that BRICS represents the majority of the world’s aspirations.
BRICS Expansion Reflects Global Shifts
At the summit’s opening, Putin remarked that BRICS is “especially in demand” given the dramatic changes happening in the world. He said the formation of a multipolar world, where global power is more evenly spread, is underway.
BRICS now includes nine members after the recent expansion, with the United Arab Emirates, Iran, Egypt, and Ethiopia joining Brazil, Russia, India, China, and South Africa. More than 30 countries, including Turkey, Thailand, and Nicaragua, have expressed interest in joining BRICS. However, existing members remain divided on further expansion.
Balancing Expansion and Interests
Putin acknowledged the growing interest from nations in the Global South and East in strengthening ties with BRICS. He urged the group to maintain balance while considering this demand for inclusion.
Putin’s Talks with Erdogan and Pezeshkian
On the sidelines of the summit, Putin met separately with Turkish President Recep Tayyip Erdogan and Iran’s Masoud Pezeshkian. Erdogan mentioned ongoing efforts to resolve issues related to cross-border payments. Sanctions against Russia over its invasion of Ukraine, and the threat of secondary sanctions, have disrupted payments between Russia and its trading partners, including Turkey and China.
BRICS Gaining Influence on the Global Stage
BRICS’ global influence continues to grow. The group’s nine members represent 26% of the world’s economy and 45% of the world’s population. In comparison, the Group of Seven (G7) accounts for 44% of global GDP but only 10% of the population.
Brazil is set to host the G-20 summit next month, following India’s presidency last year and ahead of South Africa’s in 2025.
Criticism of Western Sanctions and Call for Reforms
In the final communique from the summit, BRICS expressed concern over the negative effects of “illegal” sanctions on the global economy. The group called for reforms of Western-dominated financial institutions like the World Bank and International Monetary Fund (IMF) to increase the representation of developing nations.
Reducing Dependence on the US Dollar
Putin is pushing for BRICS members to reduce their reliance on the US dollar as a global reserve currency. He advocates for more trade using national currencies to lessen the impact of US-led sanctions.
While many BRICS members support the idea of using national currencies in trade, they don’t all share Russia’s strong motivation to move away from the dollar-based system. Countries like India, South Africa, and the UAE are cautious about BRICS being perceived as an anti-US group.
Summit Marks Putin’s Return to Global Stage
The three-day event is the largest gathering of world leaders in Russia since the invasion of Ukraine. It also serves as a signal that despite Western efforts to isolate Putin, he remains influential on the global stage.
Last year, Putin missed the BRICS summit in South Africa after the country warned it would have to honor an International Criminal Court (ICC) arrest warrant against him for alleged war crimes in Ukraine.
