Russian President Vladimir Putin has emphasized the BRICS group’s role in driving future global economic growth, citing its size and fast-paced development compared to Western nations. The bloc, recently expanded to include Egypt, Ethiopia, Iran, and the UAE, aims to position itself as a counterweight to Western influence in global politics and trade.
Ahead of the BRICS summit scheduled for Oct. 22-24 in Kazan, Putin underscored the importance of economic sovereignty among member nations. He outlined Russia’s vision for a financial system less dependent on U.S. influence, including cross-border payment alternatives and national digital currencies to bypass Western sanctions.
Putin also noted interest from 30 additional countries seeking cooperation with BRICS, hinting at further expansion discussions during the summit. Leaders from China, India, and the UAE have confirmed their participation in Kazan.
Russia’s proposals include advancing the New Development Bank to finance infrastructure and technology projects across the Global South. Putin also highlighted key transport initiatives, including the Arctic Sea Route and the North-South corridor, aimed at boosting trade across Eurasia and Africa.
The Kremlin portrays the summit as a signal that efforts to isolate Russia over its actions in Ukraine have failed.