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BRICS Summit 2024

4 minutes read

BRICS Summit 2024

4 minutes read

The 2024 BRICS Summit in Kazan, Russia, is a pivotal moment in global geopolitics. This three-day summit brought together leaders from BRICS countries—Brazil, Russia, India, China, and South Africa—along with new member states and aspirants. It offers a critical view of shifting global power dynamics amid deepening global divides and represents Russian President Vladimir Putin’s largest diplomatic engagement since the 2022 Ukraine invasion, despite his isolation from the West.

For Putin, this summit was more than just a multilateral meeting. It served as a platform for Russia to demonstrate resilience in the face of Western sanctions and isolation. Despite the International Criminal Court (ICC) warrant for his arrest over Ukraine-related war crimes, Putin welcomed leaders from 36 countries, including major powers like China, India, and Iran. Their attendance signals that despite efforts to isolate Russia, it maintains substantial global partnerships and diplomatic relations.

A key theme of the summit was Russia’s efforts to undermine Western economic dominance, specifically through decreasing reliance on the U.S. dollar. Putin emphasized the use of local currencies for trade in his discussion with Dilma Rousseff, the BRICS New Development Bank President, stressing that this approach keeps economic development free from political interference. This push aligns with the broader BRICS goal of challenging Western financial hegemony, particularly in light of the sanctions imposed on Russia for its invasion of Ukraine.

Western sanctions, which have deeply impacted Russia, have also raised concerns among many nations in the Global South. They worry that the West’s control of global financial systems, including the dominance of the U.S. dollar and the SWIFT international payment system, could be used against them in the future. In response, BRICS nations are actively exploring alternatives. Chinese President Xi Jinping, during a meeting with Putin, reaffirmed the importance of reducing reliance on Western financial systems and touted the China-Russia alliance as a strong force for modernization. Xi emphasized that the global order is undergoing profound changes, reflecting the growing perception that Western influence is waning.

India’s Prime Minister Narendra Modi also touched on this theme, calling for a peaceful resolution to the Ukraine conflict while positioning India as a mediator. India’s unique relations with both Russia and the West provide it with an opportunity to advocate for diplomacy in an increasingly polarized world.

Another significant aspect of the 2024 BRICS Summit was its expanded membership. In 2023, the group invited Egypt, Ethiopia, Iran, and the United Arab Emirates to join, reflecting its growing influence and potential to challenge Western dominance. Saudi Arabia and Turkey have also expressed interest in joining. Iranian President Masoud Pezeshkian hailed BRICS as a pathway out of U.S. economic hegemony, echoing sentiments that the bloc offers a much-needed alternative to Western-led institutions like the International Monetary Fund (IMF) and the World Bank.

BRICS is particularly focused on challenging Western dominance in global financial transactions. Russia and China are exploring alternatives to the SWIFT system, with China having developed its own cross-border payment system. However, the usage of this system remains limited. BRICS members have also discussed creating a shared trading currency, though logistical challenges make it a complex undertaking.

For Putin, the summit is a diplomatic victory, showcasing Russia’s ability to maintain influence on the global stage despite Western isolation. The presence of leaders like Xi Jinping and Modi offers Russia valuable diplomatic cover and reaffirms its standing as a global power. The summit also highlights the growing momentum for a multipolar world, where Western dominance is no longer uncontested.

The success of this summit also indicates broader geopolitical shifts. While countries in the Global South may not seek to replace U.S. dominance with Chinese or Russian dominance, they are increasingly advocating for multilateralism and autonomy in a world marked by uncertainty and economic inequality.

The 2024 BRICS summit underscores the evolving global order. As the West faces its own internal challenges and the rise of emerging powers like China and India, BRICS represents a concerted effort to redefine the global political and economic landscape. For Putin and Russia, the summit demonstrates that the world is far from united in its opposition to Moscow, providing space for Russia to maneuver diplomatically on the global stage.

 

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