Putin, Xi Behind ‘New International Financial Architecture’
/ Go to the mediabankA meeting between Russian President Vladimir Putin and Chinese counterpart Xi Jinping in Moscow. March 2 
/ Go to the mediabank
Oleg BurunovXi Jinping and Vladimir Putin confirmed growing cooperation between Russia and China during the two presidents’ meeting on the sidelines of a BRICS summit in the Russian city of Kazan in October.Russian President Vladimir Putin and his Chinese counterpart Xi Jinping may be “remembered as the architects of a new international financial architecture”, Adriel Kasonta, a London-based foreign affairs analyst and former chairman of the International Affairs Committee at the Bow Group think tank, told Sputnik.
Russia’s Role in BRICS
When it comes to Russia’s role in BRICS development, Moscow “has been a driving force behind this coalition of powerful emerging economies”, Kasonta pointed out.
BRICS’ Global Signifcance
The organization has already transformed into “a significant force on the global stage”, which is evident in the increasing interest from non-Western countries wanting to join BRICS, according to the analyst.
"The inclusivity of the BRICS project, which contrasts with the exclusivity often found in neoliberal Western institutions, makes it even more appealing to emerging countries that seek to take control of their own geo-economic futures", he pointed out.
WorldBRICS Summit in Russia’s Kazan to Help Stabilize International Situation – Beijing30 October 2024, 04:22 GMTBRICS “offers a renewed opportunity for formerly colonized countries to define their economic future without being further exploited by past colonial powers”, Kasonta concluded.2024 saw the accession of new members to BRICS, in addition to Russia, Brazil, India, China and South Africa. The group currently includes these five members plus Egypt, Ethiopia, Iran, and the United Arab Emirates. A BRICS summit that took place in the Russian city of Kazan in October set criteria for new members and touted plans to expand the role of BRICS’ National Development Bank, among other decisions.
