Russian President Putin hosts BRICS summit 2024 in Kazan
Russia's President Vladimir Putin looks on prior to a meeting with Dilma Rousseff, Chair of the New Development Bank and former president of Brazil, on the sidelines of the BRICS summit in Kazan on October 22, 2024. (AFP Photo)
The 2024 BRICS leaders’ summit commenced in Kazan, the capital of Russia’s Tatarstan Republic, with Russian President Vladimir Putin welcoming over 30 world leaders.
The summit, which takes place from Oct. 22 to 24, comes as Russia seeks to counter Western efforts to isolate Moscow following its invasion of Ukraine. The meeting also marks the first BRICS summit with newly expanded members, bringing the group’s total to nine nations, including Egypt, Ethiopia, Iran and the United Arab Emirates (UAE).
Putin hails Russia-India ‘strategic partnership’
Putin on Tuesday hailed Moscow’s “strategic partnership” with India in talks with Prime Minister Narendra Modi on the opening day of the BRICS summit.
“Russian-Indian relations have the character of a particularly privileged strategic partnership and continue to actively develop,” Putin told Modi, after the pair were filmed shaking hands and embracing.
Focus on economic alternatives and trade ‘de-dollarization’
One of the key topics of the summit is the creation of a BRICS-led international payment system to reduce dependence on the U.S. dollar.
Putin has advocated for this system, which is seen as a response to Russia being cut off from SWIFT, the international financial network, following sanctions.
Additionally, the leaders will discuss increasing the use of national currencies in trade to further reduce reliance on Western financial systems.
Moscow’s diplomatic strategy amid global conflicts
The summit also offers Putin an opportunity to showcase Russia’s diplomatic strength, despite ongoing sanctions and international isolation.
Russian officials have promoted the gathering as a sign that Moscow still has significant global partners, including China, India and Türkiye. Regional conflicts, particularly the war in Ukraine and the escalating violence in the Middle East, are expected to feature prominently in discussions.
BRICS expansion as strategic move
The BRICS bloc, originally consisting of Brazil, Russia, India, China and South Africa, has grown to include several other emerging economies. With its growing membership, the group now represents nearly 45% of global oil production and conducts a significant share of global trade.
Russia’s trade relations with China and India have increased sharply, with trade volumes rising to $240 billion and $65 billion, respectively.
