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Imagine you’re Vladimir Putin.
The West has branded you a pariah for invading Ukraine, imposing sanctions designed to cripple your economy and isolate you globally. The International Criminal Court has issued a warrant for your arrest. How do you show that this pressure is not working? You host a summit.
This week, in the city of Kazan, President Putin will welcome more than 20 heads of state for the BRICS summit. Among the attendees are China’s Xi Jinping, India’s Narendra Modi, and Iran’s Masoud Pezeshkian. The Kremlin has hailed it as one of Russia’s “largest-scale foreign policy events ever.”
“The message is clear: attempts to isolate Russia have failed,” says Chris Weafer, founding partner of Macro-Advisory. “While there are cracks beneath the surface, geopolitically, Russia is showcasing its friendships.”
But who are Russia’s friends?
BRICS, originally comprising Brazil, Russia, India, China, and South Africa, has grown to include Egypt, Ethiopia, Iran, and the UAE. Saudi Arabia has also been invited to join. Together, BRICS nations represent 45% of the global population and account for more than $28.5 trillion in economic output—about 28% of the global economy.
Russia’s ambition at this summit is more than just optics. Putin aims to persuade BRICS members to adopt an alternative to the US dollar for global payments, reducing Russia’s vulnerability to Western sanctions. “Russia’s economy is heavily impacted by cross-border trade and payments tied to the dollar,” Weafer explains. “The Kremlin wants BRICS to create a new system that bypasses the US dollar, euro, and other G7 currencies.”
However, BRICS is far from unified. Jim O’Neill, who coined the acronym “BRIC” for these emerging economies, points out the tensions between members. “China and India rarely agree on anything, and their cooperation is a challenge,” he says. Internal divisions extend beyond these two giants: Egypt and Ethiopia have longstanding disputes, and Iran and Saudi Arabia remain regional rivals.
Despite these differences, Putin’s goal is to project unity. He wants to show both Russians and the world that Russia is far from isolated. The Kazan summit offers him that platform, even if real cohesion within BRICS remains elusive.
