Russia has urged its BRICS partners to establish a new financial system as an alternative to the International Monetary Fund (IMF).

Moscow Pushes for Financial Independence

Hosting a meeting of BRICS finance ministers and central bank officials in Moscow, Russian Finance Minister Anton Siluanov criticized the IMF and the World Bank for failing to serve the interests of BRICS. Siluanov emphasized that 37% of the global economy is represented by BRICS, yet the group is still tied to outdated Western systems. He suggested creating financial institutions tailored to BRICS' needs.

Kazan Summit Gathers World Leaders

Russia is set to host the annual BRICS summit in Kazan later this month, where the idea of a new financial order is expected to take center stage. A total of 24 countries will participate, including UN Secretary-General Antonio Guterres and Chinese President Xi Jinping. Turkish President Recep Tayyip Erdogan has also shown interest in joining BRICS and will attend the summit. Despite a personal invitation from Vladimir Putin, Saudi Crown Prince Mohammed bin Salman will not attend.

Preparing for New Economic Challenges

The BRICS group continues to expand, including more countries and representing a significant portion of the global economy. Currently, BRICS accounts for 45% of the world’s population and a substantial part of global oil production. Strengthening economic ties among member nations remains a priority.

Discussion on developing BRICS' financial independence continues, with the upcoming summit in Kazan expected to be a pivotal step in this direction.