Russian President Vladimir Putin is presiding over the BRICS summit in Kazan, Russia, from October 22 to 24, 2024. This three-day event marks a pivotal moment, as it represents the largest gathering of world leaders in Russia for many years. The summit occurs against the backdrop of Russia’s ongoing conflict with Ukraine and aims to convey a message of resilience and unity to the international community.

BRICS is an alliance comprising Brazil, Russia, India, China, and South Africa. Established in 2006, the group held its inaugural summit in 2009, and South Africa joined the following year. The primary objective of BRICS is to counterbalance the economic and political dominance of Western nations. The alliance meets annually to discuss priorities and coordinate strategies. This current summit is the 16th of its kind.

In 2023, BRICS expanded its membership to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates after these nations expressed interest. While Saudi Arabia has yet to formalize its membership, the other countries have already joined. An invitation was also extended to Argentina, but the new president, Javier Milei, declined in favor of strengthening ties with Western nations.

Who Is Attending the Summit?

The summit’s opening session is attended by approximately two dozen world leaders. Key figures include Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and South African President Cyril Ramaphosa. Other notable attendees are UAE President Mohamed bin Zayed Al Nahyan, Iranian President Masoud Pezeshkian, Egyptian President Abdel Fattah el-Sisi, and Ethiopian Prime Minister Abiy Ahmed. Turkish President Recep Tayyip Erdogan and Vietnamese Prime Minister Pham Minh Chinh are also present, highlighting the growing interest in BRICS.

Brazilian President Luiz Inacio Lula da Silva canceled his attendance due to an injury, with Foreign Affairs Minister Mauro Vieira representing Brazil instead. The United Nations Secretary-General is also scheduled to meet with Putin, despite criticism from Ukraine regarding his decision to attend the summit.

Agenda of the BRICS Summit

The primary focus of the summit revolves around the members’ dissatisfaction with Western-led global institutions, particularly concerning economic governance. The sanctions imposed on Russia following its invasion of Ukraine have heightened fears among Global South nations that they could also become targets of Western financial weaponization.

The recent conflicts in Gaza have provided Russia and China with an opportunity to harness anti-Western sentiments, capitalizing on frustrations regarding perceived double standards and economic coercion by Western powers. As a result, BRICS members are keen to reduce their reliance on the U.S. dollar and the SWIFT system—an international messaging platform for financial transactions from which Russian banks were excluded in 2022.

During the last summit, President Lula proposed creating a BRICS trading currency, though experts have expressed skepticism regarding its feasibility. Currently, member countries are looking to increase the use of their national currencies for bilateral trade, which would help protect them from currency fluctuations and lessen dependence on the dollar.

China has developed an alternative to the SWIFT payment system, albeit with limited application. Countries like Turkey and Brazil are increasingly restructuring their dollar reserves into gold. Additionally, currency swaps for energy transactions have gained traction, indicating a desire for greater financial autonomy from Western influence.

Since the start of the full-scale invasion of Ukraine in February 2022, Russia and its leadership have faced increasing isolation on the global stage. A wave of sanctions from nations such as Canada, the EU, Japan, and the U.S. has targeted Russian banks, oil refineries, and military exports, leading to further isolation. The International Criminal Court (ICC) issued an arrest warrant for Putin, which complicates his ability to travel to countries that are parties to the Rome Statute, the treaty that established the ICC.

Putin notably skipped the BRICS summit in South Africa in 2023 due to the risk of arrest. Western leaders are also largely reluctant to engage with him in multilateral contexts. For instance, he avoided attending the G20 summit in India, despite India’s non-party status to the Rome Statute.

Given this context, the Kazan summit holds significant symbolic and practical importance for Putin’s regime. It is intended to demonstrate that Russia maintains crucial partnerships with major emerging powers like India and China, countering the narrative of isolation.

The expanded BRICS now accounts for approximately 45% of the world’s population and 25% of global GDP, reinforcing its relevance on the international stage.

BRICS is actively seeking to broaden its membership. Countries in Southeast Asia have recently expressed interest in joining the alliance. Thailand and Malaysia have publicly announced their desire to be part of BRICS, while NATO member Turkey formally requested to join in September.

The willingness of numerous nations to participate in a summit hosted by Russia, a nation that faced severe backlash for its actions in Ukraine, reflects a broader trend among countries that prefer not to align strictly with Western or Eastern powers. As global geopolitics evolve, BRICS continues to position itself as a platform for collaboration among nations that seek a more multipolar world order.

The BRICS summit in Kazan serves as a critical juncture for Russia, allowing it to showcase its alliances and push back against Western sanctions and isolation. As countries gather to discuss mutual interests and economic cooperation, the summit underscores a shift in global dynamics, with emerging powers increasingly asserting their influence in the international arena.