Russian President Vladimir Putin is welcoming more than 20 world leaders to the Brics summit.
The Kremlin says the summit is one of the "largest-scale foreign policy events ever" in RussiaThe West has dubbed you a pariah for invading Ukraine. Sanctions are aiming to cut off your country's economy from global markets.How can you show the pressure is not working? Try hosting a summit.. Among the leaders invited are China’s Xi Jinping, Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian.
But apart from providing Vladimir Putin his moment on the geopolitical stage, what is the event likely to achieve? "The US Treasury has enormous power and influence over global trade simply because the US dollar is the main currency for settling that. Russia's main interest is in breaking the dominance of the US dollar. It wants Brics countries to create an alternative trade mechanism and cross-border settlement system that does not involve the dollar, the euro or any of the G7 currencies, so that sanctions won't matter so much.
"China and India are doing their best to avoid wanting to attack each other a lot of the time. Trying to get them to really co-operate on economic things is a never-ending challenge." It's not just India and China who have their differences. There is tension between two of the newest Brics members, Egypt and Ethiopia. And, despite talk of detente, Iran and Saudi Arabia have long been regional rivals.
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