At what the Kremlin calls one of Russia’s “largest-scale foreign policy events ever”, Vladimir Putin will host over 20 heads of state at the Brics summit of emerging economies in Kazan.
Among the leaders invited are China’s Xi Jinping, Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian.
Brics stands for Brazil, Russia, India, China and South Africa. The grouping, often referred to as a counterweight to the Western-led world, has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates.
Saudi Arabia, too, has been invited to join, but has delayed its entrance.
Argentina was also invited to join, but President Javier Milei pulled out in December 2023 shortly after taking office.
It accounts for 45% of the global population, and 28% of the global economy. Together, members’ economies are worth more than $28.5tn.
Analysis say that Putin’s hope for this summer is to convince members to adopt an alternative to the dollar (or the euro) for global payments, thereby opening the road for Russia to bypass sanctions.
The group was designed in 2006 specifically to challenge the political and economic power of the wealthier nations of North America and Western Europe.
With Iran, Saudi Arabia and UAE as members, Brics countries produce about 44% of the world’s crude oil.
However, the group argues that Western nations dominate important global bodies such as the International Monetary Fund and the World Bank, which lend money to governments. It wants to see a “greater voice and representation” for emerging economies.
In 2014, the Brics nations set up the New Development Bank to lend money to boost infrastructure.
The group sets priorities and makes decisions at an annual summit. Members take it in turns to serve as president for a year.
