Department of Research, Strategic Studies and International Relations 23-10-2024

Russia is hosting a major event, the BRICS Summit, which has drawn leaders from more than two dozen nations. This gathering, the largest hosted by Russia in years, is seen as a significant gesture toward the West amidst the ongoing conflict in Ukraine.

BRICS and Its Growing Influence

BRICS, an alliance of Brazil, Russia, India, China, and South Africa, was formed in 2006 to counterbalance Western dominance in global politics and economics. The group held its first summit in 2009, with South Africa joining a year later. The 2023 summit marks the 16th gathering of BRICS members.

The group recently expanded, extending invitations to Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, with some already formal members. Saudi Arabia, however, has yet to confirm its membership. Argentina was invited but declined under the leadership of President Javier Milei, who prioritized strengthening ties with the West.

Who Is Attending the Summit?

The summit has attracted a wide range of global leaders, including Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and South African President Cyril Ramaphosa. Leaders from Egypt, Ethiopia, the UAE, and Iran, among others, are also present.

Brazil’s President Luiz Inacio Lula da Silva was unable to attend due to an injury, and Foreign Minister Mauro Vieira is representing Brazil. United Nations Secretary-General Antonio Guterres is also participating, though his decision to attend has drawn criticism from Ukraine, given the UN’s stance on the Ukraine conflict.

Summit Agenda: Redefining Global Economic Systems

A central theme of the summit is dissatisfaction with Western-led global institutions, particularly in economic governance. Many Global South countries, including BRICS members, are concerned about how Western sanctions like those imposed on Russia following its invasion of Ukraine—could be weaponized against them.

Russia and China have capitalized on this anti-Western sentiment, advocating for reduced dependence on Western financial systems like the US dollar and the SWIFT payment network, which Russia was cut off from in 2022. Discussions on alternatives, including the possibility of a BRICS currency, are ongoing, though many experts doubt the practicality of such a move.

Instead, BRICS nations are working on increasing the use of their own currencies for trade to minimize reliance on the dollar. China has developed its own limited payment system as an alternative to SWIFT, and other BRICS nations are restructuring their reserves to reduce dollar dependency.

Why This Summit Is Crucial for Putin

For Russian President Vladimir Putin, the summit offers a rare opportunity to engage on the international stage after Russia became increasingly isolated following its invasion of Ukraine. Numerous sanctions from Western countries have cut Russia off from key financial and economic systems. Furthermore, the International Criminal Court (ICC) issued an arrest warrant for Putin, limiting his ability to travel to countries that have ratified the Rome Statute, which established the ICC.

Despite this isolation, the Kazan summit allows Putin to showcase that Russia still maintains strong relationships with influential global powers, including China and India. This helps counter the narrative that Russia has become a pariah on the world stage.

Putin’s Broader Strategy

In addition to signaling Russia’s global alliances, Putin is using the summit to bolster his position on the Ukraine conflict. The gathering of international leaders, many of whom maintain relationships with both Russia and the West, reinforces the idea that Russia is not completely isolated.

India, a key BRICS member, has actively worked to encourage dialogue between Russia and Ukraine. Indian Prime Minister Modi has visited both Moscow and Kyiv, advocating for negotiations. Some experts believe that despite Russia’s public readiness for a prolonged conflict, moves like these are laying the groundwork for eventual peace talks.

The Future of BRICS

BRICS is continuing to grow, with countries from Southeast Asia expressing interest in joining the group. Thailand and Malaysia, for example, have shown enthusiasm for membership, and NATO member Turkey formally requested to join in 2023.

The increasing willingness of countries to align with BRICS, despite Russia’s controversial actions in Ukraine, highlights a shift in global alliances. Many nations are seeking to avoid choosing sides in global conflicts and are instead pursuing more flexible international relationships.

This summit not only underscores BRICS’ evolving role in global governance but also signals Russia’s ongoing efforts to assert its influence, despite Western efforts to isolate the country.