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Russia is pushing for the BRICS summit to highlight the growing influence of the non-Western world, but its partners from China, India, Brazil, and the Arab world are urging President Vladimir Putin to seek a resolution to the conflict in Ukraine.
The BRICS group now represents 45% of the world’s population and 35% of its economy, based on purchasing power parity, with China holding the majority of economic power.
Putin emphasized that BRICS does not seek to oppose anyone but rather works together based on common values and shared interests. The summit comes as global financial leaders gather in Washington amid conflicts in the Middle East and Ukraine, a slowing Chinese economy, and concerns over potential trade disputes stemming from the U.S. presidential election.
While facing questions about a potential ceasefire in Ukraine, Putin reiterated that Russia would not relinquish control over the eastern regions it claims, including Crimea and parts of the Donbas region. He expressed openness to talks based on previous ceasefire agreements reached in Istanbul in April 2022.
The summit saw the attendance of Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, though Brazilian President Luiz Inacio Lula da Silva had to cancel his trip due to health reasons. Russia is advocating for BRICS countries to establish an alternative international payment platform to bypass Western sanctions.
Despite the focus on unity, divisions exist within BRICS, with strained relations between China and India and tensions between Arab nations and Iran. Putin continues to engage with regional leaders in efforts to mediate conflicts and promote cooperation within the group.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.