By Vladimir Soldatkin and Guy Faulconbridge
The leaders of BRICS countries, including China’s Xi Jinping, India’s Narendra Modi, and Vladimir Putin, have called for a ceasefire in Gaza and discussed the possibility of a non-Western payment system. However, they only mentioned Ukraine once in their final communique.
BRICS, which was originally coined by Goldman Sachs to describe the emerging economic power of China and other major markets, now represents 45% of the world’s population and 35% of the global economy.
The final communique from the BRICS summit covered various topics such as geopolitics, narcotics, artificial intelligence, and conservation, but lacked detailed information on some key issues.
Due to the severe sanctions imposed on Russia by the West over the conflict in Ukraine, Moscow has been cautious about revealing too much information about its financial and trade relationships to avoid further sanctions.
The communique indicated limited progress on establishing an alternative payment system within BRICS countries. The leaders agreed to explore the feasibility of creating an independent settlement and depositary infrastructure, as well as an independent reinsurance capacity.
The strongest language in the communique was directed towards the Middle East, with a call for a ceasefire in Gaza and the West Bank, and condemnation of Israeli attacks on humanitarian operations.
Regarding Ukraine, the communique briefly mentioned the national positions expressed in relevant forums and acknowledged mediation efforts for a peaceful resolution of the conflict through dialogue and diplomacy.
BRICS leaders discussed further institutional development but did not provide clarity on potential expansion of the group. Putin mentioned that more than 30 states have shown interest in joining, but emphasized the importance of maintaining balance in any expansion.
The ongoing war in Ukraine loomed over the summit, with Modi expressing a desire for peace and Xi discussing the conflict with Putin behind closed doors. China and India, major buyers of Russian oil, play a significant role in Russia’s economy.
Putin has asserted Russia’s control over certain regions of Ukraine and emphasized the importance of Russia’s security interests in Europe. China and Brazil have been seeking support for a truce at the UN, prompting accusations from Ukraine that they are aligning with Moscow.
Putin views the Chinese-Brazilian proposals as a potential basis for ending the war, which escalated in 2022 after years of conflict in eastern Ukraine. Both Ukraine and Russia have presented separate proposals for resolving the conflict.