BRICS+ support Putin and gain strength to establish themselves as an alternative to Western power

Another bricks in the wall. The iconic Pink Floyd song that infected an entire generation with rebellion synthesizes the ambitions of big emerging markets linked into one increasingly powerful club. But it also has a famous and catchy chorus (Oho! Teacher! leave us kids alone!) symbolizes the aggressive message that BRICS+ sends to the G-7, the group of industrial powers that controls the Western hegemonic power in the world order.

The meeting held in Kazan (Russia) this week has shown that its diplomatic and economic capabilities remain intact. This is the first major action of BRICS+ after the inclusion of Iran, Egypt, United Arab Emirates (UAE) and Ethiopia in South Africa in August 2023, which has put the Saudis in a dilemma. Still reserved to become a full partner, and faced the Argentine’s resignation after landing in the Casa Rosada of Javier Miley. This club of countries remains united despite persistent internal disputes among the founding quartet – Brazil, Russia, India and China – about their place in the world or Vladimir Putin’s perceived isolation from the international stage.

However, nothing to upset its great challenge, signed in Kazan, to establish itself as an alternative to Western power and with sufficient strength to further shake up the “anarchic” world order created by the industrial powers Seems like

Perhaps the biggest spark left by his appointment in Russia is the extensive list of delegations (32) that shows what an image Putin, who did not visit Johannesburg due to an International Criminal Court (ICC) search and arrest warrant, has created. No, it has been absolutely condemned. This is evidenced by the fact that around thirty applicants from 15 countries – including Malaysia, Thailand, Colombia, Nicaragua, Algeria and Turkey – have officially knocked on their doors.

Keith Johnson says, “The US has stopped seeing BRICS+ as a box of surprises and has begun to feel resentment in them for Western hypocrisy and hegemonic desires to free themselves from the yoke of the G-7 and their allies.” Has given.” foreign policy,

Johnson warned that accepting this principle is inseparable from gaining permission to join the group. Along with the notion of criticism of the multilateral system that emerged at Bretton Woods in 1944 which gave rise to the IMF and the World Bank and their derivatives, models of international financial architecture and cross-border payments and, of course, The immense power of the dollar.

In short, BRICS+ have declared war on the Washington Consensus, the Council of the IMF and the World Bank, the Fed and the US Treasury, which have controlled the destiny of countries at risk of suspension of payments, granting or refusing immediate financial assistance. As a proponent of multilateralism and lender of last resort. In return, of course, for fiscal adjustment accompanied by tough reforms and social bills.

A new multipolar world in its embryonic stage

Putin expressed it in other words, but with the same underlying script: future expansion of BRICS+ shows that “a new multipolar world is being formed in opposition to the US and dollar-dominated order” and that it challenges ” Responds to the aspirations of the majority of the international community. That’s in line with the sentiment of Alicia Garcia-Herrero, Asia analyst at Natixis, for whom “the expansion of the BRICS is a clear sign that the global balance of power is changing.”

The Russian leader’s warning was issued openly and shortly after talks with new Iranian President Massoud Pezhekian, Chinese President Xi Jinping and his Turkish counterpart Recep Tayyip Erdogan. Turkey is the only NATO partner in the BRICS orbit. He is not there, although he is expected. While it wakes up from decades of exclusion the EU submits its request for membership in a club whose leaders this century have worn Christian crosses to repel the Ottomans.

Beijing, Tehran and Ankara form a geostrategic triangle that Moscow considers essential to survive economically and financially from Western sanctions. China has overtaken the EU as the main customer of Siberian oil – and together with India, they absorb 78% of Russian crude sales; Iran offers expertise There is first-class commercial transit to and from the Turkiye Kremlin to circumvent energy restrictions and access safe channels and ports.

However, above all, all four are extremely interested in creating a joint and alternative payment system to SWIFT, which companies and banks use in practically all their international financial transactions.

The ban on Russia from accessing the SWIFT architecture and denominating its foreign operations in dollars since the beginning of the invasion of Ukraine has received another twist with a veto, which the G-7 extended to the markets banks, under the threat of sanctions. Has given. Trade with Russia. In particular, the Chinese and Turks, who have been involved in the first fight against delays in payments from the Kremlin. At a time when the Russian economy is beginning to show signs of exhaustion after a two-year period in which its military industry, at full capacity, has provided its treasury with sufficient fiscal and monetary resources to maintain the country’s finances .

The current nine BRICS+ members have increased their proportion in global GDP by 11 points to 35.6%, and account for close to 40% of the world’s population, while accounting for 25.8% of the planet’s wealth and 10% of the G-7 demographics. Additionally, several of its most distinguished representatives – Brazil, India and South Africa – have taken over the reins of the G-20, the authentic international government, between 2023 and 2025. While Luiz Inazio Lula Da Silva – absent in Kazan, but with an active telematic role – continues to raise the group’s voice against torture Note,

The dollar as a Western weapon of mass destruction

The fight against the dollar is the banner the emerging markets club plans to set up if it attacks the global monetary power. Lula On his first visit to China after taking office, he described it perfectly: “Every night I wonder why the trading base of all countries is the dollar.” They did so before the New Development Bank (NDB), which was set up in 2014 by the old BRICS to take over the Bretton Woods multilateral debts.

However, the NDB has not yet gained influence in the global South from the World Bank, which is the largest credit injector in the current multilateral framework. The BRICS organization plans to invest only $8,000 million in 2023, compared to $73,000 million last year. sister concern Of IMF. Signs that the BRICS rebellion is not a bed of roses leave many of Lula’s questions unanswered: “Who decided that the dollar would be the dominant currency after the disappearance of the gold standard?” Brazilian leader pointed towards the Chinese renminbi ,alter ego of the yuan in the exchange market – as a reference value to a basket of BRICS currencies or to fight directly against the dollar.

Western sanctions against Russia, Iran and China and threats to Turkey – ties with Hamas, Israel, NATO and US frustration – do not help deter the effort. decoupling Which BRICS+ considers implementing in monetary order. While India practices trojan horse To reduce tensions with the West in the eyes of many of its emerging partners. The most populous country in the world and the largest global economy is flirting with the US to join AUKUS, NATO’s version in Asia against Chinese expansionism, and the Indo-Pacific Alliance for Trade and Investment sponsored by the Biden administration. Takes part.

Robert Green, Asia director of the Carnegie Endowment for International Peace, observes that “efforts by the BRICS to adopt the renminbi have intensified.” Washington should “focus on the disappointment caused by the dollar and allow an alternative currency while encouraging the participation of guarantee partners such as India.”

Global South BRICS have a wild card up their sleeve

Jim O’Neill, former chief economist at Goldman Sachs, believes that BRICS+’s strong diplomatic ties with non-aligned countries motivate them to break the multilateral rules of the game in a world system hitherto “overshadowed by the US”. Who coined the term BRICS in 2001. O’Neill attributes the origin of this trainwreck to the geostrategic pulse between Washington and Beijing since 2016, when Donald Trump entered the White House and Xi Jinping assumed full powers in China.

O’Neill recalls three other tips lobby BRICS with the Global South. The combined international monetary reserves of over $100 billion that they put on the table to create the NDB, the participation of this broad list of nations in the New Silk Road and invisible hand China will invest in strategic sectors in Africa and Latin America in exchange for credits. In this group, India mimics the foreign strategy of its regional rival, Brazil remains in its wake, albeit in the exploratory stage, and Russia focuses its diplomatic net on security and defence.

Alexander Gabuev insists foreign Affairs In which the West “knows that they have fought and will have a decisive role in the global order.” Inevitably, because contenders from the Global South never stop growing – Indonesia, Mexico, Belarus, Azerbaijan and Palestine were Kazan’s other guests – China guides its expansionist designs with “great discretion”, with India and Brazil “effectively Act as a “transmission belt”. ”And Russia flaunts its nuclear power whenever possible.