BRICS Summit

The meeting in Kazan of the Brics-plus group from 22-24 October was a diplomatic and political success for President Vladimir Putin. He was lucky that it was Russia’s turn as chair. However, it disappointed by offering nothing new in economics and finance, and it failed to take any new steps towards de-dollarisation. Expectations were high. A new cross-border payments system and even a common Brics currency were on the table, with rumours of a petroyuan being established to replace the petrodollar. Russian government officials ...

It's an outcome that alternative economists have long predicted as inevitable - The dumping of the US dollar as the world reserve currency and the petro currency by the BRICS nations in favor of a new multi-currency system or "basket system." For decades the dollar has reigned supreme as the most favored currency for international trade, replacing the British Pound Sterling (officially) after the Bretton Woods Agreement in 1944. This status (along with the end of the gold standard) gave the Federal Reserve Bank the power to print ...

Russian President Vladimir Putin said he was "open" to better relations with the US — if Washington was willing too — as he wrapped up the three-day BRICS summit in Kazan on Friday. "How Russian-American relations will develop after the election will depend on the United States. If they are open, then we will also be open. And if they don't want it, then fine," Putin told reporters at a news conference. Relations between Russia and the US have dipped to a low point following Russia's invasion of Ukraine in 2022. Last month, the US ...

Gold and silver prices are solidly higher in early U.S. trading Thursday, benefitting from bullish daily outside-market elements that include a weaker U.S. dollar index, firmer crude oil prices and a dip in U.S. Treasury yields. Safe-haven demand remains a major underlying supportive factor for the precious metals and is keeping a solid floor under prices. December gold was last up $23.20 at $2,752.70 and December silver was up $0.436 at $34.27. At the BRICS summit in Kazan, Russia, Russian President Vladimir Putin introduced a new ...

The meeting in Kazan of the Brics-plus group from 22-24 October was a diplomatic and political success for President Vladimir Putin. He was lucky that it was Russia’s turn as chair. However, it disappointed by offering nothing new in economics and finance, and it failed to take any new steps towards de-dollarisation. Expectations were high. A new cross-border payments system and even a common Brics currency were on the table, with rumours of a petroyuan being established to replace the petrodollar. Russian government officials ...

China and Russia are committed to boosting their cooperation for a “fair world order” amid chaotic times, according to their leaders speaking in a face-to-face meeting on October 22, 2024. The talks between Chinese President Xi Jinping and his Russian counterpart Vladimir Putin took place on the sidelines of the 16th Brics summit in Kazan, Russia. Moscow and Beijing reportedly hope to build momentum among the emerging economies in the bloc to provide an alternative to the Western-led world order. Brics is named for five major ...

There are several messages being beamed out of the Kazan chapter of the BRICS summit where Russian President Vladimir Putin has pulled out all stops to host world leaders from a growing list of more than 20 nations. The first among these is that a new non-West age of global diplomacy is finally taking credible shape. This is clear from the fact that more countries are preparing to invest and even risk tremendous amounts of diplomatic capital by joining a grouping that defines itself as an alternative to a United States dominated ...

The meeting in Kazan of the Brics-plus group from 22-24 October was a diplomatic and political success for President Vladimir Putin. He was lucky that it was Russia’s turn as chair. However, it disappointed by offering nothing new in economics and finance, and it failed to take any new steps towards de-dollarisation. Expectations were high. A new cross-border payments system and even a common Brics currency were on the table, with rumours of a petroyuan being established to replace the petrodollar. Russian government officials ...

President Xi Jinping stressed his firm belief in the deep-rooted friendship between China and Russia, while emphasizing the strong commitment of both nations to serving the people and assuming global responsibilities as major countries, during a meeting with Russian President Vladimir Putin on Tuesday. In talks with Putin at the centuries-old Kazan Kremlin, Xi underlined that China-Russia relations have weathered storms and forged ahead, achieving a series of groundbreaking results and exploring a path for neighboring major powers to ...

Russia is rolling out the red carpet to its geopolitical allies as it hosts the latest BRICS summit on Tuesday, pushing its agenda to create a “new world order” that challenges the West. The group was initially comprised of Brazil, Russia, India and China before South Africa joined in 2010, giving the organization of rapidly economically-developing nations its current name. It has since morphed into a geopolitical forum for the world’s most powerful nations outside of the West. The BRICS now have additional clout after Egypt, ...