Russia's President Vladimir Putin is using the Brics summit in Kazan to assert Russia's global role, particularly in light of its strained relations with the West. Putin is engaging in bilateral talks with leaders from 21 nations to showcase Russia as a reliable partner despite ongoing sanctions.
Russia's exclusion from the Swift payment system has prompted Moscow to pursue the establishment of a new payment system called Brics Bridge. This reflects Russia's broader strategy to seek new economic partnerships and development opportunities. The summit is seen as a strategic pivot towards a new economic alliance that challenges the existing Western-led financial order.
The presence of leaders from China, South Africa, India, and other nations is seen as a political victory for Putin, demonstrating Russia's significance on the international stage. While the Brics group initially emerged as an economic coalition, its focus has shifted towards establishing a geopolitical counterweight to Western influence. The lack of clear admission criteria and a unified purpose raises questions about the effectiveness of Brics as a cohesive entity.
The proposed Brics Bridge payment system could potentially reshape international trade and finance, offering an alternative to the established frameworks dominated by Western institutions. The summit's emphasis on creating a multipolar world order reflects a growing sentiment among non-Western nations to assert their economic sovereignty. The participation of countries like Turkey, Kazakhstan, and Indonesia in the Brics discussions indicates a desire for a more inclusive global financial architecture.
The Brics summit in Kazan is a strategic maneuver by Russia to redefine its role in a changing world, highlighting the complexities and challenges of global finance and geopolitics.