BRICS Summit: Focus on International Crises and Economy

Vladimir Putin: “BRICS countries should develop their own energy transition strategy, different from the Western narrative”

Vladimir Putin

The 16th annual summit of BRICS, an international economic, financial, and commercial organization comprising Brazil, Russia (rotating president), India, China, South Africa and joined in 2024 by Egypt, Ethiopia, Iran, United Arab Emirates, and Saudi Arabia (current status not yet determined), kicked off on Tuesday, October 22.

The BRICS summit, whose theme this year is “Strengthening Multilateralism for Equitable Global Development and Security,” will last three days (October 22-24) and will be divided into two main parts. On the first day, there is a meeting scheduled for organization’s member countries, whose leaders will consider a range of topics important to the group’s development and ranging from economic cooperation to the creation of a special financial system for mutual settlements in national currencies.

The second part of the event, scheduled for October 23 and 24, which will be held in what is known as “expanded format,” will focus on the organization’s collaboration with the South of the world, also known as the Global South. Among the topics that have generated much debate among member countries in the run-up to the summit will be the possible expansion of the organization both to new states, including Turkey, and through the creation of a new category of “partner states.” Recently, 34 nations around the world have expressed interest in cooperating with BRICS, including joining the organization as a full member. According to host Vladimir Putin, “Kazan is also scheduled to substantively discuss the prospects for further strengthening the global partnership of the BRICS member countries, as well as approve a package of agreements on cooperation in various sectors.”

Delegations from 32 countries from Asia, Africa, the Middle East, and Latin America are participating in the BRICS Summit

In addition to the “general” meeting, there will be a “restricted” meeting on Tuesday, October 22, which will focus on the ongoing international crises. Major world conflicts will be discussed, including the Middle East and Ukraine. In this context, representatives of Brazil and China, the countries that authored the peace plan for Ukraine, will speak to express their joint position.

As for the recruitment of new member countries, there is certainly no shortage of disagreement. Brazilian President Luiz Inacio Lula da Silva, who is attending the summit via videoconference due to a “domestic incident,” reportedly informed his international interlocutors that the country would oppose Venezuela’s entry into BRICS. According to Brazilian media, this “possible veto would represent another sign of distancing between Lula and Venezuelan President Nicolas Maduro, a relationship that has been frozen for a long time.”

During the presentation of the summit’s “data” to journalists, Russian presidential adviser Yuri Ushakov said that “delegations from 32 countries in Asia, Africa, the Middle East, and the Americas will take part in the event,” as well as leaders of some international organizations, including UN Secretary General António Guterres.

BRICS member states cover more than 30% of the world’s territory and represent 45% of the world’s population. The BRICS countries produce more than 32% of the world’s GDP and supply more than 40% of the world’s oil production. According to Ushakov, by 2028, the GDP of the BRICS countries should account for 38% of the world’s gross domestic product.

Among the leaders of 32 countries present in Kazan are Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, Turkish President Recep Tayyip Erdogan, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa, Presidents Abdel Fattah al-Sisi of Egypt, Kassym-Jomart Tokayev of Kazakhstan, and Milorad Dodik of Republika Srpska. There is also Zhang Ming, secretary general of the Shanghai Cooperation Organization (SCO), and Dilma Rousseff, who runs the NDB, the BRICS credit organization.

Vladimir Putin: “For the moment, the idea of a single group currency has been shelved”

Another central theme of the summit will be economic, financial, and trade cooperation among BRICS member countries, as well as between BRICS and numerous partners, especially from the Global South. According to President Putin, one of the key initiatives “will be the creation of a financial system alternative to SWIFT.” The Russian president emphasized that “we will also evaluate opportunities to expand the use of national currencies and create instruments to make international payments safer and faster.” According to Putin, it is absolutely necessary to “guarantee a reliable exchange of financial information that would be independent of Western and international instruments that impose restrictions for political reasons and violate the principles of free trade and the world economy as a whole.” Nevertheless, according to the Russian head of state, “the BRICS member countries do not intend to evaluate the idea of creating a single currency of the group yet.” In this context, Russia will offer its partners to sign a memorandum of cooperation in the field of information security, as well as a “Code of Ethics in the field of artificial intelligence”. Finally, a policy paper on strengthening cooperation in the fight against corruption will be adopted. Various memoranda will be signed in the fields of medicine, customs, and antitrust legislation, as well as in the environmental and energy spheres. And, as Putin finally observed, “the BRICS countries will have to develop their own energy transition strategy, different from the Western ‘narrative concept.’”

Mohammed bin Zayed Al Nahyan e Vladimir Putin

In parallel with the general meetings and the plenary session on the sidelines of the BRICS summit in Kazan, numerous bilateral meetings are scheduled. On Tuesday, October 22, Putin will hold talks with Chinese President Xi Jinping, after which he will receive Indian Prime Minister Narendra Modi. After his arrival in Kazan, Modi said that “India values the close cooperation within the BRICS framework, which has become an important platform for dialog and discussions on issues related to the global development agenda, reformed multilateralism, climate change, economic cooperation, building sustainable supply chains, promoting culture and people-to-people relations.” This will be followed by Putin’s talks with South African President Cyril Ramaphosa, Egyptian President Abdel Fattah al-Sisi, and the governor of the New Development Bank, Dilma Rousseff. Putin’s talks with Turkish President Recep Tayyip Erdogan are scheduled for Wednesday, October 23. This will be followed by meetings with Iranian President Masoud Pezeshkian and Ethiopian Prime Minister Abiy Ahmed Ali. On the final day of the BRICS summit (Thursday, October 24), the Russian president will hold a total of seven bilateral meetings, including talks with Palestinian National Authority (PNA), President Mahmoud Abbas and UN Secretary-General António Guterres.

Before the summit, Putin held two rounds of talks: an informal one at his residence in Novo-Ogaryovo and an official one in the Kremlin with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan. The two leaders discussed ways to “strengthen the bilateral strategic partnership” and “advance sustainable development goals.” As the Emirati president said after talks with Putin, “the United Arab Emirates is committed to deepening cooperation with international partners to invest in opportunities that guarantee sustainable progress, prosperity, and growth.”