The BRICS summit of developing economies puts Russian President Vladimir Putin at the helm of a showcase against the Western liberal order.
Joined by China’s President Xi Jinping, India’s Prime Minister Narendra Modi and other leaders, Putin presided over the opening of a summit in Kazan, Russia, on Tuesday for the BRICs bloc and dozens of other nations.
"BRICS is already playing a significant role in the global economy, not only today, but it is obvious this role will increase tomorrow," said Putin, defying U.S.-led efforts to isolate Russia over its 2022 invasion of Ukraine.
The bloc, named for the acronym from its original members Brazil, Russia, India, China and South Africa, has since added Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.
Together, the members account for 37% of global GDP. They proposed creating a new international payment system to rival SWIFT, the network banks use globally to communicate with each other securely.
That could help China, Iran, and Russia bypass U.S.-led Western sanctions, but some BRICS members, like Egypt and the UAE, benefit from U.S. military aid or host U.S. military bases.
More nations have expressed interest in joining BRICS; Azerbaijan, Malaysia and Turkey – a NATO member – formally applied to become members. U.N. Secretary-General António Guterres also is attending, drawing criticism from Ukraine.
