BRICS

Modi is in da house, Xi is in da house and his plane was escorted in by a Russian fighter jet. We have the original RIC together which Mr Lavrov said still exists and will meet.

Cyril Ramaphosa from South Africa has also arrived. Now we have the S in the original BRICS and only B is not present. Lula said he will attend online.

Pres. Putin has just conducted and completed his first multilateral with the New Development Bank.
Now just guess where the importance is.

I expect the New Development Bank to increase their function. Previously it was constrained as Chinese partner banks were sensitive to secondary sanctions from the US. It appears that the sensitivity is now much reduced, as one of the major reasons for BRICS is to become fully innured to the sanctions regime. Previously I expected a new bank to appear, and it is so that BRICS need more banks. We need to wait for the details of the cross-border payment system, BRICS Pay and its various components. What is clear from what we know, is that this is a new SWIFT and for that, it will take work away from the western money transfer politicised systems. The formalized method of trade in national currencies will hit the illegal politicised sanctions regime directly.

Representatives of 36 countries, including 22 leaders, and the leadership of six international organizations will take part in the BRICS Summit, Aide to the Russian President Yury Ushakov reported.

According to him, the summit agenda will include:

🔹 issues of cooperation between the member countries in resolving acute conflicts;
🔹 economic topics;
🔹 discussions regarding the expansion of the bloc and the mechanism for granting a partner status, which will be a stage in preparing those who wish to become full BRICS members.

Yury Ushakov changed the focus somewhat in his first point. My thesis is that although we understand that BRICS presents as a non-western alliance, it will not be able to escape some form of interaction with the war regime.

Russian President Vladimir Putin praised the institution as a promising and effective financial entity. Since 2018, the bank has financed projects totaling $33 billion.

“Since 2018, I think 100 projects have been financed for a total of $33 billion,” Putin said.

Putin emphasized that increasing the use of BRICS national currencies for settlements will help reduce geopolitical risks and strengthen the economic resilience of member states.  This was a top level meet with Dilma Roussef and with Elvira Nabuilina.

“BRICS can find new areas of cooperation amongst Global South” – BRICS Bank Chief Dilma Rousseff tells President Putin.

The economic and financial picture will fill out in these next days.

A structural change that should not cause controversy, is the new “partner country” status, allowing participation in BRICS meetings without voting rights.

Where will we be in three days from now? We may have taken a huge step for mankind, or a baby step. I hope for the huge step.