Russia hopes to use the BRICS summit to highlight the growing influence of non-Western nations, though its partners—China, India, Brazil, and several Arab countries—are urging President Vladimir Putin to find a solution to the Ukraine conflict.
The BRICS bloc, which now represents 45% of the global population and 35% of the world’s economy based on purchasing power parity (PPP), is dominated economically by China. Despite its significant economic power, Putin stressed that BRICS is not positioned as an opponent to anyone, noting that the shift in global growth is merely a reflection of reality.
Putin emphasized that BRICS nations cooperate based on shared values, a common development vision, and, most importantly, mutual respect for each other’s interests.
As finance leaders gathered in Washington to address various global challenges, including the wars in Ukraine and the Middle East, the economic slowdown in China, and concerns over future U.S. trade policies, Putin faced questions from BRICS reporters regarding a possible ceasefire in Ukraine.
When asked about Ukraine, Putin reiterated that Moscow would not relinquish the four eastern Ukrainian regions it has claimed, despite not fully controlling them. He insisted that Russia’s long-term security interests in Europe must be considered.
Though discussions in Moscow about a potential ceasefire have increased, sources suggest nothing concrete has materialized, with many awaiting the outcome of the U.S. presidential election on November 5. Russia controls about 20% of Ukraine, including Crimea (annexed in 2014) and large portions of the Donbas, Zaporizhzhia, and Kherson regions.
Putin claimed that the West has come to terms with Russia’s impending victory but expressed a willingness to engage in talks, referencing ceasefire negotiations held in Istanbul in April 2022.
Ahead of the BRICS summit, Putin held late-night discussions with UAE President Sheikh Mohammed bin Zayed Al Nahyan at his residence outside Moscow. Putin lauded the mediation efforts of both Sheikh Mohammed and Saudi Crown Prince Mohammed bin Salman, though neither Arab leader would attend the summit in Kazan.
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will be present, but Brazilian President Luiz Inácio Lula da Silva canceled his trip on medical advice following a minor brain hemorrhage caused by a head injury.
The BRICS concept, initially proposed in 2001 by Goldman Sachs economist Jim O’Neill, highlighted the growth potential of Brazil, Russia, India, and China. Over time, BRICS expanded to include South Africa, with countries like Egypt, Ethiopia, Iran, and the UAE joining more recently. Saudi Arabia has yet to formalize its membership.
According to IMF data, BRICS is expected to account for 37% of global GDP by 2030, while the G7’s share is forecast to drop from 30% to 28%. Russia is urging BRICS to establish an alternative international payment platform that would be insulated from Western sanctions.
However, the bloc faces internal divisions. China and India, Russia’s biggest oil buyers, maintain strained relations, while tensions persist between Arab nations and Iran.
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