Russian President Vladimir Putin hosted the BRICS summit from October 23 to 24, 2024, attracting leaders from developing economies including China, India, and newly admitted members like Egypt, Saudi Arabia, and the UAE. The summit, held in Kazan, Russia, was marked by discussions aimed at strengthening financial cooperation among the bloc and exploring ways to reduce reliance on Western-dominated financial systems, particularly the U.S. dollar.
At the outset of the summit, Putin asserted the necessity of BRICS, stating, "This approach is especially relevant in the current conditions when truly radical changes are underway across the globe, including the shaping of a multipolar world." The gathering involved representatives from 36 countries, showcasing Russia's resilience against attempts by Western nations to isolate it due to its actions surrounding the Ukraine conflict.
Financial cooperation topped the agenda, with many discussions centered on creating alternative payment systems to replace the SWIFT network, which many view as controlled by Western powers. This shift is considered necessary for economic autonomy, especially amid rising tensions and sanctions. "It’s not us who refuse to use the dollar," Putin remarked. “But if they don’t let us work, what can we do? We are forced to search for alternatives.”
A joint declaration issued by summit participants also highlighted concerns about "unlawful unilateral coercive measures," emphasizing the need for more efficient, transparent, and inclusive cross-border payment methods. This sentiment was echoed by Chinese President Xi Jinping, who underscored BRICS' role as a stabilizing force amid global uncertainties.
Xi also elaborated on his country's cooperative endeavors, promoting reforms within global governance structures and presenting China and Brazil's proposed peace plan for Ukraine, which has so far faced rejection from the Ukrainian government. During this discourse, he noted, "We must uphold the three key principles: no expansion of the battlefields, no escalation of hostilities, and no fanning flames and strive for swift deescalation."
Indian Prime Minister Narendra Modi, making his second visit to Russia within three months, reiterated the significance of dialogue and diplomacy over warfare. His participation emphasizes India's strategic ties with Russia, which have continued to flourish even as New Delhi navigates its relationships with Western allies. Modi was clear about India's stance, stating, "We support dialogue and diplomacy, not war."
The summit also marked the first visit to Russia by UN Secretary-General Antonio Guterres since before the pandemic. His presence at the summit has drawn mixed reactions from Kyiv, who criticized the trip. Guterres advocated for peace, emphasizing the need for solutions to conflicts not only in Ukraine but also in Gaza, Lebanon, and Sudan, declaring, "We need peace in Ukraine, a just peace in line with the U.N. Charter, international law and General Assembly resolutions."
During the summit's proceedings, Putin faced queries surrounding military ties with North Korea. When asked about the deployment of North Korean troops on Russian soil, which the U.S. claims to be around 3,000 soldiers, Putin skirted around confirming or denying the allegations. The Russian legislature ratified a military cooperation pact with North Korea earlier on the summit's final day, intensifying scrutiny around the two nations' strategic partnership.
The BRICS bloc, originally founded by Brazil, Russia, India, China, and South Africa, has undergone significant expansion since its inception, now including additional states such as Iran and Ethiopia. Applications for membership have been submitted by several other nations, including Turkey, Azerbaijan, and Malaysia. This expansion reflects the bloc's desire to assert its relevance on the global stage as counterweights against Western hegemony.
Overall, Putin painted the summit as highly successful, portraying it as "the largest foreign policy event ever held" by Russia. The positive narrative promoted within Kremlin-controlled media suggested the summit highlighted the increasing influence of the Global South. State television portrayed the gathering as evidence of the West's encroaching isolation, reinforcing the perception among BRICS participants of their growing global importance and unity.
Despite the metaphorical shadow cast by the conflict in Ukraine, the summit concluded with optimism surrounding BRICS' future as it reinforces its commitment to reshaping the global economic order. The ambitions of the bloc to continue fostering multipolarity and alternatives to existing financial systems are of significant impact, rendering BRICS increasingly relevant as global dynamics evolve. Putting Western countries on notice, the summit has reiterated BRICS' intentions to develop its financial autonomy and political influence on the world stage.
