BRICS summit: global influence grows amid Ukraine conflict calls
Russia highlights BRICS growth as partners push for Ukraine resolution
Russia aims to highlight the growing influence of BRICS at the upcoming summit, while BRICS partners from China, India, Brazil, and the Arab world urge President Vladimir Putin to seek a resolution to the war in Ukraine. The BRICS nations, representing 45% of the global population and 35% of the global economy by purchasing power parity, see significant economic power concentrated in China.
Putin, labelled a war criminal by the West, assured BRICS journalists that the group does not oppose any entity but merely reflects the shifts in global economic growth. He emphasised that BRICS is based on shared values, a unified vision of development, and mutual interest.
The summit coincides with major financial meetings in Washington, amidst ongoing conflicts in the Middle East and Ukraine, a slowing Chinese economy, and concerns over potential trade disputes stemming from the US presidential election.
BRICS Economic Dominance Taking Shape, West Can Do Nothing About It
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Putin, who initiated military action in Ukraine in 2022 after prolonged conflict in the region, faced numerous questions about a potential ceasefire. He stated that Russia will not relinquish control over the four eastern Ukrainian regions it claims, despite not having full control over them. He also expressed the need for Russia’s long-term security interests to be considered in Europe.
While there is talk in Moscow of a possible ceasefire, nothing concrete has emerged, with many waiting for the outcome of the US presidential election. Russia now controls around one-fifth of Ukraine, including Crimea, 80% of the Donbas region, and over 70% of the Zaporizhzhia and Kherson regions. Putin mentioned that the West recognises Russia’s impending victory but remains open to discussions based on the draft ceasefire agreements from Istanbul in April 2022.
Ahead of the summit, Putin met UAE President Sheikh Mohammed bin Zayed Al Nahyan for extended talks at his Novo-Ogaryovo residence. Sheikh Mohammed, along with Saudi Crown Prince Mohammed bin Salman, has been praised by Putin for their mediation efforts. Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will attend the summit, while Brazilian President Luiz Inacio Lula da Silva will not, following medical advice to avoid long-haul flights after a minor brain haemorrhage.
The term BRIC was coined by Jim O’Neill in 2001, highlighting the growth potential of Brazil, Russia, India, and China. Over time, the group formally added South Africa, Egypt, Ethiopia, Iran, and the UAE, with Saudi Arabia yet to join. By the decade’s end, BRICS’ share of global GDP is expected to rise to 37%, while the G7’s share will drop to about 28%, according to the IMF.
Russia is persuading BRICS to develop an alternative international payment platform to circumvent Western sanctions. However, internal divisions exist within BRICS, with strained relations between China and India, and tensions between Arab nations and Iran.
What Other Media Are Saying
- Euronews reports on Putin hosting the BRICS summit in Kazan, aiming to advance Russia’s interests and resist Western isolation, with significant economic and military pacts expected.(read more)
- The Moscow Times reports Putin touts BRICS economic growth, predicting its members will drive global growth faster than Western economies, despite geopolitical challenges and differing alliances.(read more)
Frequently Asked Questions
Here are some common questions asked about this news
What is the main focus of the upcoming BRICS summit?
Russia aims to highlight BRICS’ growing influence and seek a resolution to the Ukraine war.
What percentage of the global economy do BRICS nations represent?
BRICS nations represent 35% of the global economy by purchasing power parity.
What stance has Putin taken regarding control over eastern Ukrainian regions?
Putin stated Russia will not relinquish control over the four eastern Ukrainian regions it claims.
Who praised the mediation efforts of Saudi Crown Prince and UAE President?
President Vladimir Putin praised their mediation efforts.
What is Russia’s goal regarding an international payment platform?
Russia is persuading BRICS to develop an alternative international payment platform to circumvent Western sanctions.
