"Putin Lends Support to BRICS for Countering Economic Influence from the West in Preparation for SCO Summit, Both Aims Aligned"

Russian President Vladimir Putin has arrived in Tianjin for the 25th Shanghai Cooperation Organisation (SCO) Summit, where he will engage with around 20 world leaders, including China's President Xi Jinping and India's Prime Minister Narendra Modi.

The gathering provides a platform for Russia to deepen its alignment with China while testing its ability to constructively engage with India. However, the focus of the summit extends beyond regional politics, as Putin and his counterparts from the BRICS nations are working together to challenge the dominance of the US dollar in global trade and finance.

Putin has declared that the BRICS bloc is becoming a "key pillar of global architecture." He reiterated Moscow's support for reforms to the International Monetary Fund (IMF) and the World Bank, and praised China's leadership role within the G20. The Russian President is working closely with China within BRICS to expand its role and position the bloc as a counterweight to Western economic influence.

One of the key initiatives under discussion is the creation of a common BRICS currency, sometimes called the "BRICS Unit," which could be backed by gold or a basket of national currencies. This move is aimed at reducing dependency on the US dollar and advancing initiatives to reshape the global financial system.

Putin has urged for a new financial system based on openness and true equity, providing equal and non-discriminatory access to its tools for all countries. He warned against the use of finance as an "instrument of neo-colonialism."

The BRICS nations, alongside other developing countries, are reshaping the G20 agenda to address issues that matter most to the Global Majority. One notable project in this regard is BRICS Pay, a blockchain-based payment system designed to facilitate seamless trade without the need for the US dollar.

Putin contends that the existing financial system heavily favors developed Western economies. He argued that BRICS nations are collectively resisting "discriminatory sanctions" imposed by Western powers. The comments reflect Moscow's long-standing strategy of promoting alternative power blocs to Western-led institutions, particularly as Russia faces prolonged sanctions following its invasion of Ukraine.

The SCO summit will also address regional issues, including security and economic cooperation. However, the financial discussions and initiatives proposed by the BRICS nations are likely to have far-reaching implications for the global economy.

Putin praised China's efforts to align BRICS with the broader interests of the Global South, underscoring the importance of the bloc's role in challenging the status quo and promoting a more equitable global financial system. As the world watches the developments at the SCO summit, it becomes clear that the BRICS nations are not just challenging the dominance of the US dollar; they are reshaping the future of global finance.

"Putin Lends Support to BRICS for Countering Economic Influence from the West in Preparation for SCO Summit, Both Aims Aligned"