Russian President Vladimir Putin chaired the concluding session of the BRICS summit of emerging economies on Thursday, praising the role of the organization as a counterbalance to the West.
The three-day summit in Kazan focused on deepening financial cooperation, developing alternatives to Western-dominated payment systems, and addressing regional conflicts, while also discussing the expansion of the BRICS group.
Originally comprising Brazil, Russia, India, China, and South Africa, the group has welcomed new members, including Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia. Turkey, Azerbaijan, and Malaysia have formally applied for membership, with several other countries expressing interest.
During Thursday’s session, which included potential new members, President Putin stated that all participants “share similar aspirations and values, envisioning a new global democratic order.”
The high-level meeting involved representatives from 36 countries and aimed to highlight the failure of U.S.-led efforts to isolate Russia due to its actions in Ukraine. The Kremlin labeled the summit as “the largest foreign policy event ever held by Russia.”
Russia has specifically advocated for the creation of a new payment system to offer an alternative to the global SWIFT banking network, allowing Moscow to circumvent Western sanctions and trade with its partners.
In a joint statement released on Wednesday, participants expressed concern over the “damaging effects of illegal and unilateral restrictive measures, including unlawful sanctions,” reiterating their commitment to enhancing financial cooperation within BRICS. They emphasized the benefits of “faster, lower-cost, more efficient, transparent, secure, and inclusive cross-border payment instruments, built on minimizing trade barriers and ensuring non-discriminatory access.”
Chinese President Xi Jinping highlighted the organization’s role in ensuring global security, noting that China and Brazil have presented a peace plan for Ukraine and sought broader international support for it, which Ukraine has rejected.
Putin and Xi declared a “no-limits” partnership weeks before Russia invaded Ukraine in 2022. They have already met twice earlier this year, in Beijing in May and at a high-level Shanghai Cooperation Organization meeting in Kazakhstan in July.
Russia’s cooperation with India has also progressed, as New Delhi views Moscow as a longstanding partner since the Cold War, despite Russia’s close ties with India’s main rival, China. While Western allies urge India to persuade Moscow to cease hostilities in Ukraine, Indian Prime Minister Narendra Modi has refrained from criticizing Russia and emphasizes the possibility of a peaceful resolution.
President Putin, who held several bilateral meetings during the summit, was set to meet on Thursday with UN Secretary-General Antonio Guterres, who is making his first visit to Russia in nearly two years. Guterres’s visit to Kazan has drawn anger from Kyiv.
