This week, an important summit has commenced in the Russian city of Kazan, where over 20 heads of state, including those from China, India, and Iran, are meeting as part of BRICS.
As noted by the BBC, the event has been announced as one of the largest foreign policy gatherings for Russia, aimed at demonstrating that attempts to isolate Moscow internationally have failed.
Despite Western sanctions and an arrest warrant from the International Criminal Court, Russian President Vladimir Putin aims to showcase that his country has powerful allies. Chris Wefer, a partner at the consulting firm Macro-Advisory, points out that this summit is an effort by the Kremlin to prove that Russia not only survives under the weight of sanctions but is also capable of forging new alliances. The presence of countries like China and India enhances the impression of Russia's lack of isolation.
Putin's primary objective is to discuss the possibility of creating an alternative currency to the dollar for global transactions, which could potentially weaken the impact of sanctions.
However, there are significant disagreements within BRICS. China and India — the two largest economies in the bloc — often struggle to reach consensus due to geopolitical and economic interests. Former Goldman Sachs chief economist Jim O'Neill, who coined the BRIC acronym, notes that real cooperation between these nations is challenging, and their disputes pose a serious threat to the organization.
Furthermore, tensions exist among the new BRICS members as well. Egypt and Ethiopia have long-standing conflicts, while Iran and Saudi Arabia are regional rivals. Therefore, the likelihood that all these countries will agree on common solutions is questionable.
Source: bbc .