By Janet Ekstract ISTANBUL- Russia has the rotating presidency of the 2024 16th BRICS Summit being hosted by Russian President Vladimir Putin in Kazan, with world leaders from 24 nations attending. This year’s summit which opened on Tuesday, is the largest ever with an additional six countries admitted into BRICS, including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. The three-day event that runs from Oct. 22-24, is the largest gathering of world leaders in Russia in years amid Putin’s ongoing war on Ukraine. Among major world leaders attending are Chinese President Xi Jinping, Egyptian President Abdel Fattah el Sisi along with a host of other leaders. Also in attendance are Turkish President Recep Tayyip Erdogan and Vietnamese Minister Pham Minh Chinh who both expressed an interest in joining BRICS. U.N. Secretary-General Antonio Guterres is attending and is expected to meet with Putin on Thursday.
The major theme of the 2024 BRICS Summit focuses on the global economy because as analysts have pointed out, what solidifies BRICS members is their disappointment with Western-led institutions of global governance – particularly as it relates to the economy. Many of the BRICS nations are worried that the West turn global finance against them as they did when placing sanctions on Russia. As Turkish Foreign Policy Analyst Asli Aydintasbas told the Brookings Institute in comments: “It doesn’t mean that middle powers want to trade US dominance for Chinese, but it means they are open to aligning with Russia and China for a more fragmented and autonomous world.” A major goal is for BRICS partners to reduce their dependence on the U.S. dollar and the SWIFT system, an international messaging network for financial transactions that Russian banks were cut off from in 2022 when the U.S. put sanctions on Russian assets. Currently, BRICS members use their national currencies more often for bilateral trade to protect them from currency fluctuations while reducing their dependence on the dollar. Aydintasbas concluded: “Currency swaps for energy deals are also a popular idea – all suggesting a desire for greater financial independence from the West.”
This year’s summit is especially crucial for Putin, analysts point out because of the Ukraine war, the Russian leader became more isolated after sanctions from the West were imposed and the ICC issued an arrest warrant for him. Timothy Ash and associate fellow in the Russia and Eurasia program at Chatham House told Al Jazeera: “Putin is hoping for a big PR win against Ukraine and the West, trying to send a message that despite the war and Western sanctions, Russia still has plenty of international partners willing to interact with Russia and trade.” Meanwhile, the Director of the Center for Eurasian, Russian and East European Studies at Georgetown University told the Brookings Institute: “The Kazan summit has great symbolic and practical importance for the Putin regime,” she added, “The summit will demonstrate that, far from being isolated, Russia has important partners like India, China and other major emerging powers.” Though analysts have highlighted that BRICS members seek alternatives, in reality the majority of the countries attending – contrary to Russia’s view – still plan on and want to maintain strong ties with the West.
