‘Expanding economic alternatives’: Ahead of SCO summit Putin backs Brics; slams ‘discriminatory’ sanctions

Russian President Vladimir Putin on Saturday mentioned that Moscow and Beijing are “united in strengthening” the Brics grouping, positioning it as a counterweight to what he referred to as “discriminatory sanctions” hampering the economic progress of many countries. Speaking to China’s Xinhua News Agency forward of the Shanghai Cooperation Organisation (SCO) summit in Tianjin, Putin burdened that Russia and China had been working collectively to develop Brics’ function as a “key pillar of global architecture”.“We are working closely with China within BRICS to expand its role as a key pillar of global architecture. Together, we advance initiatives aimed at expanding economic opportunities for member states, including the creation of common platforms for partnership in strategic sectors,” he mentioned. He added that BRICS companions stood collectively in opposing sanctions that “hinder the socioeconomic development of our members and the world at large”.The Russian chief underlined his assist for reforms to world monetary establishments such because the International Monetary Fund and the World Bank, arguing that the present system is skewed in favour of the West. “Alongside our Chinese partners, we support the reform of the International Monetary Fund and the World Bank. We are united in the view that a new financial system must be based on openness and true equity, providing equal and non-discriminatory access to its tools for all countries,” Putin mentioned. He warned towards the use of finance as an “instrument of neo-colonialism” and urged a system that higher displays the “real standing” of rising economies.Putin additional praised the function of China throughout the G20 and pointed to what he described as a joint effort with different BRICS nations to shift the group’s agenda in the direction of the pursuits of the Global South. “Within the G20, together with like-minded nations, and especially BRICS members, we have redirected the agenda towards issues of real importance to the Global Majority, strengthened the format by including the African Union, and deepened the synergies between the G20 and BRICS,” he remarked.Putin is in China for the twenty fifth SCO summit from August 31 to September 1, the place he’s anticipated to fulfill Prime Minister Narendra Modi and President Xi Jinping.