Was Putin right, was the BRICS summit in Kazan really a triumph?

The BRICS summit in Kazan, which the Kremlin simply described it as a diplomatic triumph. In connection with the meeting, Russian President Vladimir Putin recently spoke about the redefinition of the parameters of the multipolar world and the irreversibly evolving new world order.

However, according to the expert speaking to Economx, this is an exaggeration, to put it mildly. The fact that Russia was the host cannot be considered a success in itself. This changes in a rotational system, and now according to the schedule it was Russia’s turn to play the role of host.

The order is sometimes changed in the light of current political situations and factors. Such an aspect could be, for example, that South Africa could find itself in a very difficult position in the role of BRICS host. The country is a party to the Statute of the International Criminal Court (ICC), so it would be officially obliged to detain and extradite Putin to The Hague if the Russian president enters the country’s territory. The ICC issued an arrest warrant against him in 2023 because, according to the body, there is a well-founded suspicion that he is personally criminally responsible for the forced resettlement of Ukrainian children, which is a war crime.

“From a certain point of view, it can be called a diplomatic success that the leaders of other countries visit Russia. However, from an economic perspective, this meeting cannot be considered extraordinary. There is relatively little concrete economic content behind the BRICS, for now it cannot be mentioned on the same page as the G7, and it was not possible to change this at this summit either.

he told Economx György András Deáksenior research associate at the John Lukács Institute of the National Public Service University (NKE).

The biggest problem of BRICS is the lack of cohesion

The BRIC alliance, which includes Brazil, Russia, India and China, was established in 2006. And South Africa joined the bloc in 2010, changing its name to BRICS. After that, the five countries agreed on the creation of a foreign exchange reserve of 100 billion dollars, from which the member states can receive loans in the event of an emergency. They founded the New Development Bank, modeled after the World Bank, which has been around since 2015 33 billion dollars in loans approved – mainly for water, transport and other infrastructure projects.

Between 2017 and 2022, trade between the first five members of BRICS expanded by 56 percent, to a total value of 422 billion dollars. At the same time, the alliance also hides serious internal conflicts: the geopolitical rivalry between India and China makes closer cooperation impossible.

From January 1:

• Egypt;
• Ethiopia;
• Iran;
• Saudi Arabia;
• and also the United Arab Emirates

It is a BRICS member, but Turkey has already indicated its intention to join.

As the bloc expands with new members, it will become more and more difficult for the BRICS countries to develop a coherent world view and policies, he said. Stewart Patricka researcher at the Carnegie Endowment for International Peace in Washington Euronewsnak.

Sokan in the G7 as a possible challengerthe BRICS are seen as the cornerstone of the new world order, but for now, according to György András Deák, true unity and specific common issues are missing.

The creation of an alternative, “sanctions-proof” payment system was also on the agenda of the Kazan summit. However, according to the expert speaking to our newspaper, it is not surprising in the least that the parties did not get ahead in this area this time either.

he said.

He added, “currently, national payment systems are getting stronger, alternative transactions are emerging between national payment systems. The most recent element of this was the switch to the yuan in Russia, and this could be solved bilaterally by connecting the two national payment systems.”

Did the gun backfire in Putin’s hands?

President Putin and the Kremlin’s unspoken, but many analysts suggest, goal of the BRICS meeting in Kazan was to demonstrate: the Western powers failed to isolate Russia from the rest of the world. This was partially proven, but according to Kiev, Putin’s ideas at one point did not develop according to his expectations. Namely in the field of war support.

he said Ministry of Foreign Affairs of Ukraine.

On Wednesday, by the way, the spokesperson for the European Union’s foreign affairs, Peter Stano is urged him to do so participants of the Kazan summit, use the opportunity to call on Putin to immediately end the war.