The upcoming BRICS summit in Rio de Janeiro will be marked by the absence of two key leaders: Xi Jinping and Vladimir Putin. These developments raise questions about the bloc's integrity and influence.
Absence of Key Figures: Xi and Putin Missing in Rio
At the BRICS summit, scheduled for July 6 and 7, 2025, Xi Jinping will not attend, marking the first such absence since 2013. The official reason is a ‘scheduling conflict’, although diplomats cite irritation from China regarding the invitation extended to Narendra Modi for a state dinner, perceived as a slight. Instead of Xi, Prime Minister Li Qiang will represent China, as was the case at the 2023 G20 summit in India.
As for Putin, his absence has been confirmed due to an arrest warrant issued by the International Criminal Court (ICC). While Russia had long cast doubt on his attendance, this issue is now settled.
Economic and Financial Implications of the BRICS Summit
The coordinated absence of Xi and Putin has significant economic implications. Their participation was crucial for the bloc's initiative aimed at creating an alternative to the dollar-dominated monetary system. After years of discussions about a common currency, progress is unlikely at the Rio summit without the involvement of these leading figures.
Chinese spokesperson Guo Jiakun emphasized that 'in a volatile world, BRICS countries maintain their strategic will and work together for peace and stability'. However, this rhetoric hides deeper internal divides within the group, exacerbated by rivalries between China and India.
Impact on the Future of BRICS and Potential Changes
The absence of Xi and Putin could weaken BRICS' position and prompt a reevaluation of management methods, risking a loss of credibility in the market. Potential structural initiatives, including discussions on a BRICS stablecoin or sovereign blockchain, may face delays. The future of BRICS hinges on the political will of China and Russia, and their absence casts uncertainty on the bloc's economic agenda.
The BRICS summit in Rio risks being a missed opportunity for the bloc. With two major players absent, the event may not yield the anticipated structural decisions, casting doubt on future cooperation among its members.
