Yesterday, Vladimir Putin gathered 20 countries for the 16th BRICS summit, which runs from October 22-24, where Russia hopes to pave the way for "a new world order". Russia states that the ultimate goal of this new world order is to no longer allow the West to dominate. The West has done much to isolate Russia from the world community since it invaded Ukraine. BRICS is seen as a counterweight to the West and claims to represent "the global majority".
One of Russia's goals with the summit is to convince the other countries to adopt an alternative to the dollar for global payments. Cross-border payments are a major problem for Russia, and the dominance of the dollar gives the US enormous power over global trade. Russia hopes to form an alternative to the West's international payment system BIC and thereby also make the Western sanctions less effective.
BIC (Business Identifier Code) is an international standard for securely identifying a bank. BIC, which is sometimes called SWIFT address or SWIFT code.
The BRICS represent 45 percent of the global population and about 28 percent of the global economy. Therefore, in theory, BRICS should be able to be a leading player in the world, but in practice it is much more difficult than that, say experts. China and India in particular have a very strained relationship, and are sometimes closer to attacking each other than cooperating.
The most important thing for Putin, however, is that the summit in Kazan sends a clear signal that he is not isolated, writes the BBC.
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