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BRICS countries leaders Xi Jinping, Vladimir Putin, Jair Bolsonaro, Narendra Modi, and Cyril Ramaphosa

Leaders of BRICS international locations — China’s Xi Jinping, Russia’s Vladimir Putin, Brazil’s Jair Bolsonaro, India’s Narendra Modi, and South Africa’s Cyril Ramaphosa — on the BRICS summit in Osaka, Japan, on June 28, 2019. The leaders met nearly this yr.Sputnik/Alexey Nikolsky/Kremlin by way of Reuters

  • Putin is assembly leaders of the Brazil, Russia, India, China, and South Africa (BRICS) alliance this week.

  • Putin stated Russian commerce with BRICS nations rose 38% between January and March regardless of Western sanctions.

  • The assembly exhibits Putin nonetheless has associates regardless of the backlash to his Ukraine invasion.

President Vladimir Putin is assembly this week with a gaggle of distinguished world leaders, a reminder that Russia nonetheless has highly effective allies regardless of the backlash to its invasion of Ukraine.

Putin is attending a digital assembly of the BRICS alliance on Thursday, a gaggle made up of Russia, India, China, Brazil, and South Africa based in 2009.

The leaders launched pre-recorded speeches on Wednesday, all which went with out criticism of Russia’s invasion of Ukraine.

Neither Brazil, South Africa, nor India talked about Ukraine by identify. Chinese language President Xi Jinping stated: “The Ukraine crisis has again sounded the alarm for humanity. Countries will surely end up in security hardships if they place blind faith in their positions of strength, expand military alliances, and seek their own safety at the expense of others,” in a veiled reference to the US and NATO.

Putin additionally introduced that the nations had deepened ties at a time when Russia’s economic system has been broken by Western sanctions.

Following Russia’s invasion of Ukraine on February 24, the US, UK, EU, and several other different nations sanctioned Russian companies and entities, with the US and EU banning imports of Russian oil.

Putin stated Russia was subsequently “redirecting” its commerce flows to BRICS nations and different “reliable international partners,” according to the state-run Tass news agency. In consequence, Putin stated commerce with China, India, Brazil, and South Africa jumped 38% in the first three months of the year.

China and India had been rushing to snap up Russian oil at low costs as Western importers pulled out, with Russia’s oil export revenues jumping by 11% in May.

“Western partners neglect the basic principles of market economy, free trade, and inviolability of private property,” Putin stated of Western sanctions. He additionally referred to as them “politically motivated.”

The BRICS assembly is a stark reminder that Russia nonetheless has extraordinarily highly effective associates in China, India, Brazil, and South Africa, regardless of being ostracized and financially punished by the West.

The BRICS have turned a blind eye to Russia’s invasion of Ukraine, and look unlikely to ever condemn Putin.

In his speech earlier than the BRICS assembly on Thursday, Xi reiterated his long-held view that the West was “weaponizing” the worldwide economic system by utilizing sanctions to punish nations, together with Russia.

A number of Chinese language entities are themselves topic to US sanctions.

Western powers hoped that sanctions would dissuade Russia from persevering with its invasion of Ukraine, however that has not occurred and consultants say Putin is prepared for a years-long battle for eastern Ukraine.

Learn the unique article on Business Insider

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