Putin is aiming to strengthen the BRICS alliance by including new members like Egypt, Ethiopia, Iran, and the United Arab Emirates alongside Brazil, Russia, India, China, and South Africa. This move serves as a strategic counterweight to Western dominance in global politics and trade. The upcoming BRICS summit in Kazan, hosted by Putin, highlights the alliance’s role in driving global economic growth and increasing economic sovereignty for its members.
Russia’s push for collaboration within BRICS signals its resistance to Western isolation efforts over the Ukraine conflict. Putin envisions a reformation of the global financial system to diminish the US dollar’s supremacy. Countries like China, India, and the UAE have pledged to attend the summit, showcasing growing interest in BRICS cooperation.
Putin has proposed financial initiatives such as a cross-border payment system and a reinsurance company, aiming to establish a financial messaging system resistant to Western sanctions. He emphasizes the use of national currencies within BRICS, ruling out the immediate creation of a single currency for the alliance.
Putin is also advocating for investments in technology, infrastructure, and new transport projects like the Arctic Sea Route and the North-to-South corridor. The BRICS New Development Bank is urged to support technology and infrastructure development in the Global South.
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