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 talk a "new world order" free from Western hegemony and nan world power of nan U.S. dollar. 

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

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

"The dollar is being utilized arsenic a weapon," Putin said astatine nan summit. "We really spot that this is so. I deliberation that this is simply a large correction by those who do this." 

In a pivotal move, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi utilized nan 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 complete nan disputed Himalayan region. 

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This week, Russian President Vladimir Putin convened complete 2 twelve countries to talk a "new world order" free from Western hegemony and nan world power of nan U.S. dollar. (Alexander Nemenov/Pool via REUTERS)

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

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

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

The group is quickly expanding: Iran, Egypt, Ethiopia, nan United Arab Emirates and Saudi Arabia joined successful January. Turkey, Azerbaijan and Malaysia formally applied — Turkey being nan first NATO personnel to return an liking successful nan group. Pakistan has besides expressed an liking successful joining nan group.

The confederation now makes up half of nan world’s organization and 35% of world output. 

Some personnel states for illustration Egypt person U.S. subject assistance and nan United Arab Emirates (UAE) hosts U.S. subject bases. 

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

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Russia is besides courting much nations to subordinate a costs strategy that would service arsenic an replacement to SWIFT, which has been utilized to punishment Russian officials by nan West.

While Russia is pushing an anti-western schedule astatine nan summit, members for illustration Brazil, India and South Africa want a little combative tone. They judge nan confederation should beryllium utilized to tailor world institutions to meet nan needs of nan Global South. They judge they could activity to reform the World Bank and nan International Monetary Fund to service nan needs of nan processing world. 

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

Creating an replacement to SWIFT would require BRICS-based currencies and financial institutions to behaviour world business — and truthful acold BRICS members person not presented a clear scheme to switch nan dollar. 

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

He tore into nan West’s progressively predominant threat of sanctions. 

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

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

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

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

Former President Donald Trump has promised "100% tariffs" connected nations that snub nan U.S. dollar, arguing that losing nan dollar arsenic nan world rate would beryllium for illustration "losing a war." 

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"I was a personification of sanctions, but I put them connected and return them disconnected arsenic quickly arsenic possible, because yet it kills your dollar, and it kills everything nan dollar represents. And we person to proceed to person that beryllium nan world currency. I deliberation it's important. I deliberation it would beryllium losing a war, if we mislaid nan dollar arsenic nan world currency," he told nan Economic Club successful New York successful September. 

"That would make america a Third World country. You're losing Russia. China is retired location trying to get their rate to beryllium nan ascendant currency."