BRICS

2024 - 10 - 24

BRICS: Russia's Strategic Playground or Just Another Meeting Over Tea?

BRICS - Global Economy - International Relations - Multi-Currency System - Vladimir Putin - Xi Jinping

Did Putin's BRICS summit shape the future of global finance, or was it just symbolic chatter? Spoiler: it's complicated!

In a striking show of solidarity among developing economies, Russian President Vladimir Putin hosted the latest BRICS summit in Kazan, Russia. This gathering presented a colorful mix of leaders from emerging economies, including China, India, Brazil, and South Africa, each with their unique grievances against the Western dominance in global finance. The weight of this summit felt more substantial as the BRICS alliance expanded its focus on creating pathways for mutual development, security, and a harmonious coexistence while nursing wounds inflicted by Western sanctions and economic strategies.

Chinese President Xi Jinping, at the forefront of this coalition, championed the idea of 'BRICS Plus'—a framework that encourages additional nations to join the bloc to deepen cooperation and common security. With the rhetoric of pursuing high-quality development and shared prosperity, discussions pulsed with ideas on reducing dependency on the U.S dollar, potentially reshaping the global monetary landscape. Imagine a world where nations could conduct trade without financial chains or the suffocating grips of the SWIFT system. Exciting, isn’t it? Reality check: it's easier said than done!

The summit also looked to establish a multi-currency system, which, if successful, could pose a significant challenge to the U.S dollar's long-standing supremacy. Nevertheless, some observers have raised doubts about the viability of these lofty ambitions, especially amidst ongoing geopolitical rivalries. Whether the initiative is a grand vision or mere wishful thinking remains a topic of heated debate. Notably, economic forecasters suggest that BRICS must overcome numerous failed attempts at collaboration to embrace a more cohesive financial future.

As the dust settles from this high-profile gathering, it is worth noting that this summit was the first since BRICS expanded in 2023, welcoming new member states and solidifying its identity as the global voice of the 'World Majority.' Moreover, as BRICS continues to assemble under a single umbrella, it hints at the rise of a new world order. And who knows? Maybe one day we’ll see a sit-down with BRICS leaders, sipping tea and playing chess against the backdrop of global economics, where everyone plays nice. For now, BRICS remains a crucial player in the game, ever eager to navigate the complexities of international relations and cooperation.

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Image courtesy of "CBS News"

Putin hosts growing BRICS alliance in Russia, touting it as an ... (CBS News)

Kazan, Russia — Russian President Vladimir Putin on Thursday presided at the closing session of a summit of the BRICS bloc of developing economies, ...

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Image courtesy of "Voice of America"

BRICS meeting highlights geopolitical aspirations, rivalries with West (Voice of America)

Chinese President Xi Jinping, left, and Russian President Vladimir Putin, right, speak during Outreach/BRICS Plus format session at BRICS Summit in Kazan, ...

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Image courtesy of "Global Times"

Xi urges 'BRICS Plus' to pursue common security, devt, harmony ... (Global Times)

Chinese President Xi Jinping on Thursday called on "BRICS Plus" countries to strive for common security, common development and harmony among civilizations.

Xi attends BRICS Plus leaders' dialogue (The State Council of the People's Republic of China)

KAZAN, Russia, Oct. 24 -- Chinese President Xi Jinping attended the BRICS Plus leaders' dialogue on Thursday. Xi arrived in Russia's Kazan Tuesday for the ...

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Image courtesy of "Reuters"

BRICS gathers pace as shared grievances with West fuel alliance (Reuters)

As U.S. election jitters hung over this week's meeting of global finance chiefs in Washington, a smiling Vladimir Putin was in the Russian city of Kazan ...

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Image courtesy of "Daily News Egypt"

BRICS Leaders Discuss Economic Cooperation and Expansion at ... (Daily News Egypt)

Brazilian President Luiz Inacio Lula da Silva joined the expanded meeting via video link, emphasising the significance of BRICS countries in the global ...

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Image courtesy of "Aljazeera.com"

Can BRICS reshape the financial world order? (Aljazeera.com)

BRICS's first summit since its expansion in 2023 discussed proposals to reduce reliance on US dollar and SWIFT system.

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Image courtesy of "Global Times"

BRICS solidified as main global representative of 'World Majority ... (Global Times)

BRICS plays a significant role in reshaping the international order and global governance to better serve the interests of developing countries.

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Image courtesy of "Aljazeera.com"

Inside Russia's major BRICS summit with global leaders (Aljazeera.com)

Russia is hosting a major summit of the BRICS countries and other nations that want to engage with the bloc.

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Image courtesy of "Ministry of Justice of the People's Republic of China"

Xi advocates high-quality development of greater BRICS cooperation (Ministry of Justice of the People's Republic of China)

Chinese President Xi Jinping on Wednesday called on BRICS countries to work for high-quality development of greater BRICS cooperation.

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Image courtesy of "Financial Times"

Vladimir Putin's alternative to 'weaponised' dollar fails to excite Brics ... (Financial Times)

Simply sign up to the Russian politics myFT Digest -- delivered directly to your inbox. President Vladimir Putin has touted a new international payments ...

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Image courtesy of "ABC News"

Putin ends BRICS summit that sought to expand Russia's global ... (ABC News)

Russian President Vladimir Putin has presided at the closing session of a summit of the BRICS bloc of developing economies, hailing its role as a ...

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Image courtesy of "Reuters"

What happened at the BRICS summit? (Reuters)

KAZAN, Russia, Oct 24 (Reuters) - Here's a brief summary of the outcome of the BRICS summit: * XI AND MODI: Chinese President Xi Jinping and Indian Prime ...

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Image courtesy of "Newsweek"

Was Putin's BRICS summit a success? Russian experts share views (Newsweek)

Top-level delegations from the BRICS countries—Russia, China, India, Iran, Egypt, Brazil, South Africa, and the UAE—attended.

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Image courtesy of "Monthly Review"

BRICS plans 'multi-currency system' to challenge U.S. dollar ... (Monthly Review)

The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, instead of the U.S. dollar. Russia's finance ministry and central bank ...

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Image courtesy of "Global Times"

Innovative move set to enhance BRICS' pragmatic economic, trade ... (Global Times)

The innovative move of establishing a China Center for Cooperation on Development of Special Economic Zones in BRICS Countries will strengthen connectivity ...

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Image courtesy of "President of Russia"

News conference following 16th BRICS Summit (President of Russia)

It marked the culmination of Russia's chairmanship of the group and was one of the significant events on the global political calendar. I have stated on ...

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Image courtesy of "Reuters"

Putin says existing BRICS infrastructure is enough for cross-border ... (Reuters)

Cross-border payments for trade between BRICS countries are experiencing problems, but there are no plans to create a special system because the existing ...

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Image courtesy of "Christian Science Monitor"

At BRICS summit, Russia tries to build a world without the US (Christian Science Monitor)

Russian President Vladimir Putin and participants in the BRICS Plus meeting pose for a photo in Kazan, Russia, Oct. 24, 2024.

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Image courtesy of "Peoples Dispatch"

BRICS countries call for a multipolar, equitable and democratic ... (Peoples Dispatch)

In the Summit held in the Russian city of Kazan, BRICS members condemned the genocidal Israeli war on West Asia, the illegal sanctions regimes imposed on ...

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Image courtesy of "Global Times"

The 'Global South' sees new momentum and hope through BRICS ... (Global Times)

On Thursday morning, local time, Chinese President Xi Jinping attended the "BRICS Plus" leaders' dialogue at the Kazan Expo International Exhibition Center, ...

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Image courtesy of "China Daily"

BRICS a beacon of hope for Global South (China Daily)

The BRICS Summit in Kazan, Russia, this week is a pivotal event that holds immense promise for the future of developing countries.

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Image courtesy of "BBC News"

Brics countries: Nigeria, Turkey, 10 odas join as partner countries ... (BBC News)

Na 13 new nations Brics accept to join as partner kontris wey go dey di Brics initiative.

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Image courtesy of "Reuters"

Indonesia wants to join BRICS, ministry says (Reuters)

Indonesia has expressed its desire to join the BRICS group of major emerging economies, which accounts for 35% of global economic output, as a means to ...

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Image courtesy of "Reuters"

Reactions to the first expanded BRICS summit (Reuters)

Russia this week hosted the first summit of the newly expanded BRICS club of emerging economies, with leaders agreeing a set of common projects ranging from ...

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Image courtesy of "BBC News"

Brics: How an evolving and expanding bloc benefits India (BBC News)

That announcement likely gave Prime Minister Narendra Modi the necessary diplomatic and political space to meet with Chinese President Xi Jinping on the ...

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Image courtesy of "The Australian Financial Review"

Challenge to SWIFT: BRICS alliance takes on global payments system (The Australian Financial Review)

The group of developing nations is attempting to challenge the SWIFT international payments messaging system by setting up its own sanctions-proof one.

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Image courtesy of "Jakarta Globe"

Indonesia Finally Seeks BRICS Membership (Jakarta Globe)

Indonesia's interest to join BRICS becomes President Prabowo Subianto's first big foreign diplomacy move.

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Image courtesy of "Capital FM Kenya"

Xi Jinping's speech at the 16th BRICS Summit (Capital FM Kenya)

Chinese President Xi Jinping on Wednesday called on BRICS countries to work for high quality development of greater BRICS cooperation, in a speech at the ...

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Image courtesy of "Axios"

What to know about Putin's BRICS summit with world leaders (Axios)

Russian President Vladimir Putin presided over his largest international gathering in nearly three years this week, as Russia hosts the BRICS economic ...

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Image courtesy of "China Daily"

Xi's quotes on BRICS' future development (China Daily)

President Xi Jinping made important statements on BRICS' future development and put forward five suggestions at the 16th BRICS Summit on Wednesday in Kazan, ...

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Image courtesy of "The Diplomat"

Indonesia to Push For Full BRICS Membership, New Foreign ... (The Diplomat)

The announcement comes after the nation and three Southeast Asian neighbors were anointed BRICS “partner countries.”

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Image courtesy of "CNA"

Expanded BRICS grouping is the start of 'a different kind of ... (CNA)

Emerging economies are playing the field by siding with the United States and its allies one day, and Russia and China the other, says a professor of ...

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Image courtesy of "Firstpost"

How BRICS' willingness to take on challenges makes it a real ... (Firstpost)

The BRICS summit held in Kazan from October 22-24, 2024, Russia, was a landmark event in many ways. It was being held when the conflict in West Asia, ...

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Image courtesy of "Jagran Josh"

BRICS Summit 2024: 16th Edition Key Highlights, Major Outcomes ... (Jagran Josh)

The 16th BRICS Summit, held from October 22 to 24, 2024, in Kazan, Russia, holds significant relevance in the current geopolitical landscape.

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Image courtesy of "The Japan Times"

BRICS once again meet to complain and vent frustrations (The Japan Times)

Hosting this week's BRICS summit, Russian President Vladimir Putin had two related objectives: one short-term, the other long.

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Image courtesy of "Daily Sabah"

The rise of BRICS amid global uncertainty (Daily Sabah)

As Russian President Vladimir Putin stated in his opening address on Oct. 22, 2024, “There is a much less stable balance of power.” In such chaos, definitions ...

China ready to advance greater BRICS cooperation with all ... (Chinadaily USA)

BEIJING -- China stands ready to take the 16th BRICS Summit as an opportunity to work with member countries to open a new horizon in the high-quality ...

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Image courtesy of "People's World"

BRICS summit in Kazan is evidence of the fast-emerging multipolar ... (People's World)

The BRICS group held its 16th summit in Kazan, Russia, from Oct. 22-24. This was a major international diplomatic event, covered sparingly by U.S. ...

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Image courtesy of "Democracy Now!"

<span class="caps">BRICS</span> Breakthrough? Economists ... (Democracy Now!)

Will the BRICS economic and political alliance change the world's U.S.-centered balance of power? As the annual BRICS summit wraps up in Russia, ...

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