BRICS Leaders Discuss War in Ukraine as Global Economic Summit Kicks Off in Kazan
Kazan:
China’s Xi Jinping, India’s Narendra Modi and other BRICS leaders met with President Vladimir Putin to discuss the war in Ukraine, as the Kremlin chief chaired a major summit aimed at showing Western attempts to isolate Russia have failed.
The BRICS Group: A Growing Player on the Global Stage
BRICS, an idea thought up inside Goldman Sachs two decades ago to describe the growing economic clout of China and other major emerging markets, is now a group that accounts for 45% of the world’s population and 35% of the global economy. However, there are divisions and concerns even among members about how such a vast grouping can expand so swiftly while preserving some sense of geopolitical purpose and achieve any real economic results.
Putin Outlines Expansion Plans
Putin, whose administration has dismissed war crimes allegations against him as political, opened the summit on Wednesday by saying that more than 30 states had expressed interest in joining the group, but that it was important to strike a balance in any expansion. He emphasized that it would be wrong to ignore the unprecedented interest of the countries of the Global South and East in strengthening contacts with BRICS, but that it is necessary to maintain a balance and prevent a decrease in the effectiveness of the BRICS.
Regional Conflicts on the Agenda
The BRICS summit takes place as global finance chiefs gather in Washington against the backdrop of the two conflicts, a flagging Chinese economy, and worries that the US presidential election could ignite new trade battles. The grouping will also discuss "acute regional conflicts," shorthand for the Middle East and Ukraine, according to Putin.
China and India’s Oil Imports from Russia
China and India buy about 90% of Russia’s oil, Moscow’s biggest foreign currency earner. Russia is the world’s second-largest oil exporter.
The Story of BRICS: From Concept to Reality
The acronym BRIC was coined in 2001 by then-Goldman Sachs chief economist Jim O’Neill in a research paper that underlined the massive growth potential of Brazil, Russia, India, and China this century. Russia, India, and China began to meet more formally, eventually adding Brazil, then South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Saudi Arabia has yet to formally join.
Expanded Membership?
Putin’s foreign policy aide, Yuri Ushakov, said that further expansion of the group would have to take into account certain criteria and that a list of 13 countries for possible expansion had been agreed on. "We will need to talk to them about their degree of readiness to join either full-fledged membership in BRICS, or in some appropriate form," he was quoted as saying by TASS.
The War in Ukraine: A Hangover for the Kazan Summit
The war in Ukraine hangs over the Kazan summit. Modi told Putin in public that he wanted peace in Ukraine, while Xi discussed the war behind closed doors with the Kremlin chief. Russia, which is advancing, controls about one-fifth of Ukraine, including Crimea, which it seized and unilaterally annexed in 2014, about 80% of the Donbas, and over 70% of the Zaporizhzhia and Kherson regions.
A Complex Situation
Putin has said that Moscow would not trade away the four regions of eastern Ukraine that it says are now part of Russia and that Moscow wants its long-term security interests taken into account in Europe. The final BRICS communique is likely to include reference to proposals from China and Brazil on ending the war. China and Brazil have been trying at the United Nations to garner support from developing countries for a truce. Ukraine has said Beijing and BrasÃlia are doing the bidding of Moscow.
Conclusion
The BRICS summit has kicked off in Kazan, with leaders gathering to discuss the war in Ukraine, regional conflicts, and economic issues. The meeting is a crucial step in showing that Western attempts to isolate Russia have failed, but it remains to be seen whether the grouping can achieve its goals and expand its membership without losing its effectiveness.
Frequently Asked Questions
- What is BRICS?
BRICS is a group of five major emerging national economies: Brazil, Russia, India, China, and South Africa. - What is the purpose of the BRICS summit?
The purpose of the BRICS summit is to discuss regional conflicts, economic issues, and cooperation between member states. - Who is attending the BRICS summit?
Leaders from China, India, Russia, Brazil, South Africa, and other countries are attending the BRICS summit. - What is the current state of the war in Ukraine?
The war in Ukraine is ongoing, with Russia controlling about one-fifth of Ukrainian territory and the two sides having different proposals for ending the conflict.