Why not all the Brics players back Russia’s bid for a de-dollarised world

The bloc is expanding its footprint with new members and partners but it does not always fall on common ground

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Not everybody in Brics is in line with Russia on the need for a new international payments system. Photo: Reuters

Published: 12:00pm, 26 Oct 2024Updated: 1:09pm, 26 Oct 2024

Amid the unity on show in the Russian city of Kazan this week, Brics leaders remained divided over the value of de-dollarisation – a geopolitical difference that could become starker as the bloc expands, analysts said.

By the time the summit wrapped on Thursday, the bloc’s early members – Brazil, Russia, India, China and South Africa – had welcomed Iran, Egypt, Ethiopia, and the United Arab Emirates as full members.

In addition, 13 others had been invited to join as “partner countries”, further expanding the Brics footprint.

The players seemed to find common ground on areas such as cooperation on the environment, financial reform, and resolving global conflicts, with mentions from Chinese President Xi Jinping and his Russian counterpart Vladimir Putin.

Xi and Putin were seen having a side discussion on Thursday, which ended in them shaking hands, sparking interest in the content of their discussion.

Sarang Shidore, director of the Global South Programme at the Quincy Institute for Responsible Statecraft, said Brics nations appeared to be united on issues such as green protectionism and “paralysis” at the World Trade Organization.