Financial Cooperation and BRICS Expansion Dominate Putin’s Summit with Global South Leaders
KAZAN, Russia – Russian President Vladimir Putin hosted Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and other world leaders on Wednesday at a BRICS summit, reinforcing the bloc’s efforts to present a formidable alternative to Western dominance. The summit reflects the Kremlin’s deepening focus on financial cooperation and expanding alliances with Global South nations.
At the opening of the three-day event, Putin emphasized that financial collaboration is a top agenda item, along with regional conflict resolution and the potential expansion of BRICS membership. “BRICS strategy on the global arena aligns with the aspirations of the global majority,” Putin said, highlighting the bloc’s appeal to countries seeking alternatives to Western-led systems.
Initially consisting of Brazil, Russia, India, China, and South Africa, BRICS has recently expanded to include Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia. Additionally, nations such as Turkey, Azerbaijan, and Malaysia have formally applied to join, with several others expressing interest, signaling growing momentum behind the alliance.
The summit, hosted in Kazan and attended by delegations from 36 countries, underscores the limits of U.S.-led sanctions against Russia since its invasion of Ukraine in 2022. The Kremlin hailed the event as “the largest foreign policy gathering” ever held in Russia, demonstrating its ability to foster global partnerships despite ongoing geopolitical tensions.
BRICS as a Counterweight to Western Influence
Russia has promoted BRICS as a counterbalance to what it views as the Western-dominated global order. Following its isolation from the SWIFT financial network due to sanctions, Moscow is advocating for a new payment system to facilitate trade with partners while bypassing Western economic restrictions.
Putin is conducting over a dozen bilateral meetings on the sidelines of the summit, including sessions with Xi, Modi, and South African President Cyril Ramaphosa. Putin and Xi, who previously announced a “no-limits” partnership in early 2022, met on Tuesday to reaffirm their cooperation. Their previous meetings this year, including in Beijing and at the Shanghai Cooperation Organization summit in Kazakhstan, underscore the deepening ties between Russia and China.
“Amid tectonic transformations unseen for centuries, the international situation is undergoing serious changes,” Xi said, emphasizing the unprecedented strength of Russia-China relations. Putin described their partnership as “one of the main stabilizing factors on the world stage” and stressed the need for greater coordination at multilateral forums to promote global stability.
India Balances Relations with Russia and the West
India’s growing economic cooperation with Russia remains strong, despite the complexities of New Delhi’s relationships with both Moscow and its regional rival, China. While Western countries have urged India to press Russia toward ending the conflict in Ukraine, Modi has avoided direct criticism of Moscow, instead advocating for peace.
“We fully support the quickest establishment of peace and stability,” Modi said, recalling his July visit to Russia and underscoring India’s historical ties with Moscow dating back to the Cold War.
UN Secretary-General to Meet Putin
In a significant diplomatic development, United Nations Secretary-General Antonio Guterres is set to meet with Putin on Thursday, marking his first visit to Russia in over two years. Guterres has been an outspoken critic of Russia’s actions in Ukraine, and the meeting may provide an opportunity to discuss avenues for conflict resolution.
The Kazan summit signals Russia’s strategic pivot toward Global South partnerships and its ambition to reshape global governance structures. By strengthening financial cooperation and expanding BRICS membership, Moscow aims to build a robust bloc capable of challenging Western economic and geopolitical influence.
Source : Swifteradio.com
