BRICS summit in Russia challenges Western financial dominance
Vladimir Putin organised a meeting in Russia for the leaders of countries that support him. The BRICS group summit aims to show the West that pressure on Russia is not yielding results, according to foreign media assessments.
The name BRICS comes from the acronyms of the founding member countries: Brazil, Russia, India, China, and South Africa. Over time, the group has expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates.
The meeting, taking place in Kazan, western Russia, from 22nd to 24th October, will be attended by Chinese leader Xi Jinping, Indian Prime Minister Narendra Modi, and Turkish President Recep Tayyip Erdogan—all key partners of Russia.
The main topic of discussion is Putin's idea for a BRICS-led payment system intended to compete with SWIFT, the international financial network from which Russian banks were cut off in 2022. The country leaders will also discuss the escalation of conflict in the Middle East.
Putin wants to challenge "Western hegemony"
The Kremlin has presented this meeting as a "diplomatic triumph." Moscow hopes that this alliance will challenge "Western hegemony".
"Imagine you are Vladimir Putin. The West has labelled you as an outcast for the invasion of Ukraine. Sanctions aim to cut your country's economy off from global markets. The International Criminal Court has issued a warrant for your arrest. How can you show that the pressure isn’t working? Try organising a summit," writes the British BBC.
"Russia wants the BRICS summit to showcase the rising influence of the non-Western world," Reuters assesses.
