By Vladimir Soldatkin and Guy Faulconbridge
The Russian government is determined to use the BRICS summit as a platform to showcase the increasing influence of the non-Western world. However, Russia’s partners from China, India, Brazil, and the Arab world are urging President Vladimir Putin to find a resolution to the conflict in Ukraine.
The BRICS group now represents 45% of the world’s population and 35% of its economy, based on purchasing power parity. China alone accounts for more than half of the economic power within the group.
In response to accusations from the West labeling him as a war criminal, Putin emphasized that BRICS does not seek to antagonize any other nations. He stressed that the shift in global economic dynamics is a natural development.
Putin highlighted the importance of the common values, vision of development, and mutual respect for each other’s interests that unite the BRICS nations.
The BRICS summit coincides with a gathering of global finance leaders in Washington, against the backdrop of ongoing conflicts in the Middle East and Ukraine, concerns over China’s slowing economy, and the potential impact of the U.S. presidential election on international trade.
During the summit, Putin faced questions from BRICS journalists regarding the possibility of a ceasefire in Ukraine. Putin reiterated Russia’s stance, stating that Moscow would not relinquish control of the four eastern regions it considers part of Russia, despite parts of these regions remaining outside its jurisdiction. He emphasized the need for Russia’s security interests in Europe to be taken into account.
While discussions about a potential ceasefire agreement are reportedly underway in Moscow, no concrete developments have emerged yet. The outcome of the upcoming U.S. presidential election on November 5 is seen as a significant factor in shaping the future steps regarding the conflict.
Russia currently controls approximately one-fifth of Ukraine, including Crimea, the Donbas region, and parts of the Zaporizhzhia and Kherson regions. Putin expressed Russia’s readiness to engage in talks based on draft ceasefire agreements reached in Istanbul earlier in 2022.
Prior to the BRICS summit, Putin held informal talks with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, who has been involved in mediation efforts concerning Ukraine. Both leaders expressed their commitment to resolving crises and promoting peace.
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi are set to participate in the summit, while Brazilian President Luiz Inacio Lula da Silva had to cancel his attendance due to health concerns following a head injury.
The acronym BRIC was originally coined in 2001 to highlight the growth potential of Brazil, Russia, India, and China. Over time, the group evolved to include South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia yet to formally join.
Projections indicate that BRICS’ share of global GDP will increase to 37% by the end of the decade, while the Group of Seven’s share is expected to decline to around 28%. Russia is advocating for the establishment of an alternative international payments platform within BRICS to counter Western sanctions.
Despite their shared objectives, divisions exist within BRICS. China and India, major buyers of Russian oil, have strained relations, and tensions persist between Arab nations and Iran.