Putin welcomes Iran, India, China to BRICS Summit to discuss 'new world order' to challenge the West

This week, Russian President Vladimir Putin convened much than 2 twelve countries to sermon a "new satellite order" escaped from Western hegemony and the planetary dominance of the U.S. dollar. 

From Tuesday to Thursday, immoderate 2 twelve members volition descend connected Kazan, Russia, for this year’s BRICS Summit — offering Putin his biggest planetary level since Russia invaded Ukraine successful 2022. 

By reducing reliance connected the dollar, the confederation hopes to evade sanctions imposed by the U.S. and the West.

"The dollar is being utilized arsenic a weapon," Putin said astatine the summit. "We truly spot that this is so. I deliberation that this is simply a large mistake by those who bash this." 

In a pivotal move, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi utilized the acme to showcase their hopes for a much harmonious narration aft decades of cross-border strife. 

It came days aft China and India agreed to a woody meant to bring to a adjacent their four-year subject standoff implicit the disputed Himalayan region. 

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This week, Russian President Vladimir Putin convened implicit 2 twelve countries to sermon a "new satellite order" escaped from Western hegemony and the planetary dominance of the U.S. dollar. (Alexander Nemenov/Pool via REUTERS)

"Russia-China practice successful planetary affairs is 1 of the main stabilizing factors successful the world," Putin told Xi astatine the summit. 

Meanwhile, India has been propping up Russia’s system by purchasing discounted lipid that has been sanctioned by overmuch of the remainder of the world. 

BRICS — which stands for Brazil, Russia, India, China and South Africa — was an thought idea up by Goldman Sachs analysts to picture the increasing economical hegemony of China and different emerging markets.

The radical is rapidly expanding: Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia joined successful January. Turkey, Azerbaijan and Malaysia formally applied — Turkey being the archetypal NATO subordinate to instrumentality an involvement successful the group. Pakistan has besides expressed an involvement successful joining the group.

The confederation present makes up fractional of the world’s colonisation and 35% of planetary output. 

Some subordinate states similar Egypt person U.S. subject assistance and the United Arab Emirates (UAE) hosts U.S. subject bases. 

Russian officials already presumption the three-day acme arsenic a monolithic success: Putin’s overseas argumentation adjutant Yuri Ushakov said 36 countries confirmed information and 24 volition nonstop representatives. 

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Russia is besides courting much nations to articulation a outgo strategy that would service arsenic an alternate to SWIFT, which has been utilized to authorisation Russian officials by the West.

While Russia is pushing an anti-western docket astatine the summit, members similar Brazil, India and South Africa privation a little combative tone. They judge the confederation should beryllium utilized to tailor planetary institutions to conscionable the needs of the Global South. They judge they could enactment to reform the World Bank and the International Monetary Fund to service the needs of the processing world. 

Putin shakes hands with Chinese President Xi Jinping during a gathering connected the sidelines of the BRICS Summit successful Kazan. (Alexander Zemlianichenko/Pool via REUTERS)

Creating an alternate to SWIFT would necessitate BRICS-based currencies and fiscal institutions to behaviour planetary concern — and truthful acold BRICS members person not presented a wide program to regenerate the dollar. 

Iranian President Masoud Pezeshkian said successful an code to the acme that BRICS indispensable enactment arsenic much than a "dialogue club," and said that 15 years aft the instauration of the alliance, galore of its goals stay unfulfilled. 

He tore into the West’s progressively predominant menace of sanctions. 

"Over much than 3 decades since the illness of the bipolar system, it has go progressively wide that from the position of Western powers, peace, democracy, prosperity, and improvement tin lone beryllium achieved done pathways defined by them," helium said.

"This monopolistic outlook has resulted successful accrued violence, war, and coercion connected the 1 hand, and unprecedented usage of economical and governmental sanctions connected the other."

Putin shakes hands with Indian Prime Minister Narendra Modi during their gathering connected the sidelines of the BRICS Summit. (Alexander Zemlianichenko/Pool via REUTERS)

Dollar assets presently comprise astir 59% of planetary overseas currency reserves, down from 70% successful 1999. 

Former President Donald Trump has promised "100% tariffs" connected nations that snub the U.S. dollar, arguing that losing the dollar arsenic the satellite currency would beryllium similar "losing a war." 

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"I was a idiosyncratic of sanctions, but I enactment them connected and instrumentality them disconnected arsenic rapidly arsenic possible, due to the fact that yet it kills your dollar, and it kills everything the dollar represents. And we person to proceed to person that beryllium the satellite currency. I deliberation it's important. I deliberation it would beryllium losing a war, if we mislaid the dollar arsenic the satellite currency," helium told the Economic Club successful New York successful September. 

"That would marque america a Third World country. You're losing Russia. China is retired determination trying to get their currency to beryllium the ascendant currency."