Russia To Host BRICS Summit: Key Agendas And Leaders To Attend

Russian President Vladimir Putin is Hosting the annual BRICS summit that was held in Russia’s southwestern city of Kazan. The three-day conclave has been the largest gathering of world leaders in Russia in decades.

What is BRICS?

BRICS stands for Brazil, Russia, India, China and South Africa. This group started in the year 2006 and Brazil, Russia, India and China convened into the first summit in 2009. South Africa joined a year later. The aim of the alliances is to foster economic cooperation, political coordination and cultural exchange among the member nations. These countries collectively represent a significant portion of the world’s population, landmass and economic output. This summit has emerged as a counterbalance to traditional Western-dominated global institutions and seeks to promote a more equitable and multipolar world order.

Brics Summit 2023 extended invitations to include Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates after the countries applied for the membership. Saudi Arabia has yet to formally join but the others have. The invitation was also extended towards Argentina but the South American country turned it down after President Javier Milei was elected in December.

Importance of BRICS Summit 2024 

The BRICS summit of 2024 holds particular importance due to the growing geopolitical and economic shifts with the focus on enhancing collaboration in technology, trade and sustainable development. The 16^th BRICS Summit in Kazan Russia help October 2024 was a significant event in the global geopolitical landscape. It basically provides a platform for emerging economies and political cooperation. Key agendas include intra-BRICS trade reducing the reliance on Western economics and promoting to more balanced global economic system. The summit also discussed climate change, global governance and regional cooperation.

Attending leaders

The 16^th BRICS Summit held in Kazan Russia from October 22 to 24, 2024 saw the participation of several prominent world leaders.Russian President Vladimir Putin hosted the event welcoming Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa.

Additionally, leaders from newly admitted BRICS members, Including Egyptian President Abdel Fattah el-Sisi and Ethiopian Prime Minister Abiy Ahmed also landed in Kazam for the BRICS submission, UAE President Mohamed bin Zayed Al Nahyan, Iranian President Masoud Peszeshkian.

Therefore leaders that have shown interest in depending on the ties with the BRICS are also participating in this purpose such as Turkish President Recep Tayyip Erdogan also the Vietnamese Prime Minister Pham Minh Chinh. Minister of Foreign Affairs of Brazil Mauro Vieira will represent the country in the summit as the Brazillian president Luiz Inacio Lula da Silva called his trip to Russia after suffering from a head injury fall from home on October 19.

BRICS Summit Agenda

The central bond that untied BRICS members is the growing frustration with the Western-dominated institutions of global governance, particularly in the economic sphere. The sanctions that were imposed on Russia after the 2022 invasion of Ukraine sent shockwaves through many global southern nations, heightening the concerns that the West could wield global financial systems as weapons against them.

“In the wake of the Gaza conflict, where the US provided military help to Israel, both Russia and China have strategically tapped into the rising anti-western sentiment. They have been amplifying frustrations over Western hypocrisy and raising the issue of anti-western sentiment. This increases the frustration over the Western double standards. As noted by Aydintasbas, a Turkish foreign policy expert.

At the same time middle-power nations aren’t necessarily seeking to replace US dominance with Chinese hegemony, they are increasingly open to aligning with Russia and China to push for a more decentralized, multipolar world order. In this context, BRICS countries are focused on reducing the reliance on the US dollar and the SWIFT system- an international messaging network for the financial transactions that Russian banks were cut off in 2022.       

Importance of Summit for Putin

The core theme uniting the BRICS members is their growing dissatisfaction with Western-dominated global governance structures, particularly in the economic arena. Many global southern nations have been alarmed by the sanctions imposed on Russia after its 2022 invasion of Ukraine, fearing that the West could similarly use the global financial systems as tools of coercion against them. This anxiety has fueled a collective desire among the BRICS nations to seek alternatives. In 2023, Brazilian President Lula da Silva proposed a unified BRICS trading currency. However, experts, including India’s External Affairs Minister S. Jaishankar have expressed doubts about the feasibility, citing complex challenges aiming to shield themselves from currency fluctuations and to reduce dependence on the dollar.

China has developed an alternative to the SWIFT payment system, albeit with the limited reach which countries like Turkey and Brazil are diversifying their dollar reserves into gold. Additionally, currency swaps for energy deals have become a popular strategy that signals a clear desire for greater financial independence from the West. The recent discussion explored expanding this effort by looking at digital currencies and blockchain technologies to further enhance BRICS’ financial autonomy.  

Russia’s Global Strategy: The Role of BRICS Summit

Since the launching of the full-scale invasion of Ukraine in February 2022, Russia and its leader Vladimir Putin have faced growing international isolation. In response, western countries including Canada, The European Union, Japan, New Zealand, Taiwan, The United Kingdom and the United States imposed wave sections on Russian banks, Oil refineries and military exports. Over time these sanctions have expanded more sectors and Russia’s allies deepening Russia’s estrangement from the West. 

The International Criminal Court (ICC) issued an arrest warrant for the Russian Leader, restricting his ability to travel to nations that are signatories to the Rome Statute without the risk of arrest. In Brics Summit 2023, Putin skipped the event in South Africa due to the pressure on Pretoria to detain him. Even at the G20 summit in India, a country that is not a party to the Rome Statute, Putin’s absence highlighted the growing isolation from multinational gatherings especially those involved with the Western leaders.

Despite these setbacks Putin setbacks, Putin is actively seeking to counter the narrative of Russia’s isolation. According to Timothy Ash an associated fellow in the Russia and Eurasia programme at Chatham House, Putin views the BRICS as a critical opportunity to send a strong message to Ukraine and the West emphasizing that despite the sanctions and ongoing conflict Russia still has significant international partners that willing to engage in diplomacy and trade. Angela Stent, the director of the Center for Eurasian echoed this sentiment that the Kazan Summit holds both symbolic and practical importance for the Putin regime. 

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