BRICS 2024 Summit: Russian President Vladimir Putin is hosting the 2024 BRICS Summit in Kazan, Russia. This highly anticipated three-day event marks one of the largest gatherings of global leaders in Russia in recent decades, taking place at a time when the Kremlin is embroiled in conflict with Ukraine, supported by the West.
What is BRICS?
BRICS stands for Brazil, Russia, India, China, and South Africa. Established in 2006, the group was initially formed by Brazil, Russia, India, and China, with South Africa joining in 2010. The primary goal of BRICS is to challenge the economic and political dominance of Western powers. The alliance hosts annual summits, with the 2024 gathering being the 16th iteration.
In 2023, BRICS extended membership invitations to Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, although Saudi Arabia has yet to formally join. Argentina declined an invitation after newly elected President Javier Milei opted to strengthen ties with Western nations.
Who is Attending the BRICS Summit?
World leaders from various regions have gathered for this year’s BRICS Summit. Key attendees include Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and South African President Cyril Ramaphosa. Also attending are UAE President Mohamed bin Zayed Al Nahyan, Iranian President Masoud Pezeshkian, Egyptian President Abdel Fattah el-Sisi, and Ethiopian Prime Minister Abiy Ahmed. Notably, Brazilian President Luiz Inacio Lula da Silva is absent due to a recent injury, with Foreign Affairs Minister Mauro Vieira representing the country.
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United Nations Secretary-General Antonio Guterres is also expected to participate, sparking criticism from Ukraine, which pointed out his absence at a Ukraine-backed peace summit in June. The summit comes just months after the International Criminal Court issued an arrest warrant for Putin, accusing him of war crimes linked to the deportation of Ukrainian children.
Key Issues on the Summit’s Agenda
The BRICS nations share a common dissatisfaction with Western-led institutions, particularly those that govern the global economy. Many Global South countries, wary of potential Western sanctions, are increasingly concerned about the weaponization of global finance. This sentiment has only grown stronger following sanctions imposed on Russia after its 2022 invasion of Ukraine.
BRICS members aim to reduce their reliance on the U.S. dollar and the SWIFT financial system, from which Russian banks were excluded in 2022. Discussions are expected to explore alternatives to these systems, with China already developing a limited alternative to SWIFT. Brazilian President Lula previously proposed a BRICS trading currency, though experts have expressed doubts about its feasibility. Instead, the focus has shifted toward using national currencies for bilateral trade to mitigate dollar dependency.
Why the Summit is Crucial for Putin
For Putin, this summit holds both symbolic and practical significance. Following Russia’s isolation due to sanctions and the ICC arrest warrant, which limits Putin’s ability to travel to countries that are signatories of the Rome Statute, the summit serves as a platform to demonstrate that Russia still has influential global partners, including India and China.
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With Western leaders refusing to engage with Putin, the BRICS Summit in Kazan offers a rare opportunity for Russia to position itself as a key player in global geopolitics. The expanded BRICS group now accounts for 45% of the world’s population and 25% of global GDP, highlighting its growing influence on the world stage.
What’s Next for BRICS?
BRICS continues to expand its global reach. Several Southeast Asian nations, including Thailand and Malaysia, have expressed interest in joining the group. Notably, Turkey, a NATO member, formally applied for BRICS membership in September 2024.
The growing interest in BRICS reflects a broader global trend, where many countries are seeking to maintain relationships with both the West and alternative alliances. As Tara Varma, a fellow at the Brookings Institute, noted, “That so many countries are willing to go to Russia, deemed a pariah state not so long ago for having violated international law by invading Ukraine, confirms a trend: they don’t want to have to choose between partners.”
Conclusion
The 2024 BRICS Summit is a pivotal moment for Russia and its allies, as they work to reshape global governance and reduce reliance on Western-dominated institutions. The outcomes of this summit could significantly influence the global balance of power in the years to come.
