The proposal for expansion of BRICS received “principled support” at the 14th BRICS summit that was hosted by China during June 23-24, said Russia’s ambassador to India Denis Alipov.
Speaking to the Russian government news outlet Sputnik, Mr. Alipov reiterated that the decision to expand the grouping would be undertaken after extensive discussion among members, and that Russia understands India wants to “preserve strategic autonomy” and interact with major western powers rejecting bloc formation.
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“It must be remembered that haste might be counterproductive. It is necessary to think in detail about the principles, standards and procedures of such a process, which should be developed through talks and by consensus,” said Mr. Alipov about the expansion of BRICS, that may even consider Pakistan for a future membership. He cited the opinion of Russian Foreign Minister Sergei Lavrov and said, “expansion of BRICS is justified and timely”.
Russian oil
During the latest BRICS summit, Chinese President Xi Jinping criticised the western trend of building alliances that he described as “small yard with high fences”. In keeping with that vision, China invited thirteen countries — Algeria, Argentina, Egypt, Indonesia, Iran, Kazakhstan, Senegal, Uzbekistan, Cambodia, Ethiopia, Fiji, Malaysia, and Thailand — to the summit as guests. Pakistan’s Foreign Ministry officials have hinted at India’s objection and alleged that China wanted to invite representatives from Islamabad, but “one member country” did not allow that to happen.
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Since the beginning of the invasion of Ukraine by the Russian forces, in what the Russian side describes as a "special military operation," India and China have disregarded western objections and emerged as major buyers of Russia's Ural crude which has been made available at a steep discount. Mr. Alipov indicated that members of BRICS perceive global developments from a different perspective and said, "The important thing is that the five countries [Brazil, Russia, India, China and South Africa] send a powerful message that they share a common understanding of. global processes. A shared negative attitude towards the distorting effects of any discriminatory measures in international trade was demonstrated".
Global reserve currency
Apart from expanding the BRICS membership, the latest summit also held discussion on Russia’s proposal to replace the US dollar as the sole global reserve currency, as the dominance of dollar is being used as a tool of economic warfare against Moscow. Echoing Moscow’s plans for hassle free international commerce, Mr. Alipov said the BRICS’ focus has shifted “to build a smooth and reliable system as an alternative to a compromised mechanism based on the dominance of the U.S. dollar”. The ambassador said, “a new international currency...will connect the banks of the five countries to the Russian System for Transfer of Financial Messages, SPFS”.
SPFS is a SWIFT-equivalent, which was introduced by the Central Bank of Russia. Western allies expelled Russian banks from the SWIFT structure three days after the war began in Ukraine.
Mr. Alipov thanked New Delhi for its assessment of the crisis in Ukraine and said, “Clearly they understand the background of the present geopolitical and geo-economic situation and the forced nature of Russia’s actions in Ukraine”. He said that India had not succumbed to western pressure regarding its links with Russia as the Delhi-Moscow relation “rests on a deep strategic foundation, drawing its strengths not only from deep historical roots, but also from a shared vision of how the world order should develop”.
Mr. Alipov conveyed Russia’s assessment that India wishes to remain free of the “paradigm of block confrontation” and said, “National interests and the need for a country to preserve its strategic autonomy guide how the Indians act, rejecting the very idea of dividing lines”.
