USA
Source: link

The global architecture, as constructed after 1945, lies on its deathbed, while BRICS is institutionalizing itself as a new basis of the multipolar world – or so one scholar argued four years ago. I will mercifully skip the academic’s name since, when I look around in 2024, I do not see a single shred of evidence that this is happening (especially the latter part of the process). If BRICS is a basis of a “new multipolar world,” when was the last time BRICS, as a group, involved itself in a military conflict? Solved a dispute? Saved a country from an economic crisis?

How about an easier set of questions: Where is BRICS’ headquarters, or a secretariat, located? Oh, right, nowhere, because BRICS is an annual meeting of heads of state without a permanent official structure. Does BRICS have an official website? It doesn’t seem to. Joint statements after each BRICS summit are published on the government websites of its member states.

This may seem like a bad time to raise such BRICS-skeptical points, as January 1, 2024, marked BRICS’ first significant expansion. BRICS invited six states to become members: Argentina, Saudi Arabia, Egypt, Iran, Ethiopia, and the United Arab Emirates. Argentina declined to join and Saudi Arabia’s status is unclear: In January a South African official said Saudi Arabia was joining, but the next day a Saudi official said Riyadh was still considering the invitation. Egypt, Iran, Ethiopia, and the UAE did join the grouping. Some form of an award should be announced to a person that comes up with a new, catchy acronym.

With such an expansion, it’s likely that the BRICS will institutionalize itself at last – it’s hard to imagine a group of nine countries (and maybe more in the future) holding summits without some form of a permanent office to coordinate the circus.

But the crux of the question remains the same. Even after new members are added to the equation, what is BRICS’ actual weight? Beyond the hype, much of which is created by pro-Russian and pro-Chinese sources, what is it that BRICS actually does?

It’s not a military alliance, for its members are not held together by mutual guarantees. It does not have any form of combined forces, it does not jointly act in any defense operations, it does not even hold joint drills (the last aspect is something that even the Quad and the Shanghai Cooperation Organization do – and these aren’t regarded as formal alliances either). It’s not an economic union, for there is no specific trade pact linking the BRICS states. The closest equivalent would probably be a form of an annual U.N. meeting – and, frankly, that’s not a high bar to reach.

Moreover, its recent expansion is likely to make BRICS even more like the United Nations (a non-Western U.N., so to speak), and even less like a military or political alliance. The more countries join, the less BRICS is united around common geopolitical goals. The rhetoric of the BRICS summits proves this – most of it consists of typical, diplomatic beating around the bush: general statements and few concrete suggestions. Unsurprisingly, BRICS statements avoid making references to the conflict zones of today’s world like the South China Sea or the Himalayas. In both cases, China would be certainly be happy for BRICS to make a joint declaration, but apparently not everyone agrees, even among the original BRICS five.

In 2023, as the Hamas-Israel crisis unfolded, the South Africa, for first time in the group’s history, called an emergency, virtual BRICS meeting but it was skipped by representatives of India, as New Delhi wanted to avoid joining the chorus of anti-Israel voices. Thus, in its current form, the group also cannot be understood to be an anti-West, or an anti-U.S. front, even though at least two of its members, Russia and China, would be glad to lead such an alliance.

Much more than a new acronym, the BRICS grouping lacks a common denominator.

India’s presence in the BRICS is probably one of the best instances of this. Yes, New Delhi, does not want to be in alliance with the U.S., but the Indian government does not want to be in an alliance with Russia either – and definitely not with China, BRICS’ mightiest member but also India’s largest rival. For all its cooperation with Russia, India remains much more economically tied to the U.S., increasingly dependent on Western technologies, and more deeply engaged in cooperation with the West against Beijing than ever before.

All of this does not mean that a new anti-Western military alliance is impossible. As mentioned, it is likely that Russia and China are attempting to create such a thing. But whatever form it takes, it cannot be based on BRICS in its current make-up (or, for that matter, even on the SCO). At least India, the UAE, and Saudi Arabia (if Riyadh ends up confirming its membership) would have to be left out of such a front – and likely most of the other BRICS member states too. I’m no expert on the foreign policies of Egypt, Ethiopia, and South Africa, but I doubt they would be eager to join such a union. That decreases the anti-Western common denominator of BRICS member states to three: China, Russia, and Iran.

Thus, the only future I see for BRICS, beyond diplomatic rhetoric, is a purely economic, politically neutral cooperation. Here, that future seems to shine bright. For all the talk about what the BRICS doesn’t have, what the grouping does possess is its own bank: the New Development Bank (NDB, earlier called the BRICS Bank). This is a achievement in itself, for it is rather rare for a non-formal entity to create a formal one.

But more importantly, there seems to be a massive scope for economic cooperation within the group, given that it brings together countries that have huge capital to offer as loans (such as China and the UAE) with developing countries that are in dire need for funds for development projects (this applies to most of the other BRICS members).

Again, the case of India is instructive here. New Delhi may be wary to borrow from Beijing directly, but borrowing from a multilateral financial institution of which China is just one important member seems to be a safer bet (the same point likely explains India’s membership in the Asian Infrastructure Investment Bank).

A quick summary of 24 New Development Bank-funded projects undertaken in India reveals these will amount to the value of as much as $8.8 billion borrowed. Such a sum may perhaps be overshadowed by the financial prowess of such giants like the International Monetary Fund (IMF), but altogether it is not an amount that can be ignored or taken lightly. Moreover, the NDB projects in India seem to cater to the country’s central needs – most are infrastructure development or ecological initiatives, while others were offered as emergency loans during the COVID-19 pandemic.

However, beyond valuable membership in the NDB, India’s membership in BRICS seems to mostly serve rhetorical purposes. It is likely that the same is true for the majority of the group’s members.

India
Source: www.mea.gov.in

Dhairya Maheshwari: Sir, Dhairya Maheshwari from Sputnik. Sir, I have two questions. The first one is in regards to the G7 ban on Russian diamonds. Sir, the Belgian industry association, the Antwerp World Diamond Centre, last week they announced that they are in talks with global stakeholders to establish diamond verification centers outside the EU. Now, since significant Indian diamond industry interests are involved in this issue, would it be able to know if there are talks between India and EU to set up a diamond verification centre in Surat or maybe in Mumbai? And, Sir, the second question is in regards to the BRICS. Several countries including Thailand, Sri Lanka in recent weeks have announced an interest and intention in joining the BRICS grouping. How does India see this?

Shri Randhir Jaiswal, Official Spokesperson: Okay. Abhishek, regarding your question about the death of Colonel Kale, as we had said earlier also, an investigation has been launched by the Israeli side. We also know that the United Nations Department of Safety, they have also set up a fact-finding mission. We hope that these investigations are concluded soon and we look forward to it. And also, both our Missions, in Tel Aviv and also our Mission in New York, they are in touch with the authorities in regard to the investigation. So we are following up also on the matter.

Rishabh, the question regarding Azerbaijan, yes, Jammu and Kashmir, our position is very well known, consistent. So, I would leave it at that. Regarding your question about assistance rendered by the European Union, we have seen some reports, we have also seen some reports or press release by the government of Manipur on it. We are not aware of this particular assistance having been rendered, because we have not been informed of it, we are not aware of it. But we have seen some reports on it.

Ghazali, this Meta report that you are talking about, I have not seen this report, it is a private report. So once, you know, let me have a look and then we will revert to you.

Maitra, your question about Chabahar, yes, Chabahar, as I told you, you know, that this is an important project for us to provide connectivity in the area, to provide humanitarian assistance. Through this port, we have, for several years provided humanitarian assistance. And this particular project is going to help in connectivity and connectivity thereafter leads to several other benefits to countries in the region.

The area of question about diamond verification centre, this is, of course, you know, diamond trade is an important, India is an important player as far as global diamond trade is concerned. We have global manufacturing happening in India, we have, I mean, one of the major centers of global diamond trade, global polishing, value addition happens in India, we are important player in that. There are strong connections between Surat, Antwerp and other centers which are on the global diamond map. On this particular issue of diamond verification centre, I don't have an update on this, whether it is a matter of discussion between European Union and India or not, but I shall look into the matter and revert to you.

On BRICS, you know, we have been consistently saying that BRICS is an important platform for us and we look forward to our participation in the meetings that will be organized by Russia as chair of BRICS this year. As far as membership of BRICS is concerned, it is for the grouping to decide and the grouping decides based on the certain criteria that they have laid down. So if the group decides on a particular membership of expansion or to consider a particular country to the group, it will be done as per the guidelines of the BRICS grouping.

Russia
Source: brics-plus-analytics.org

The circle of developing economies expressing the desire to join the BRICS grouping continues to expand in 2024 and this time it is one of the largest economies in Southeast Asia. According to Thailand’s Government spokesman Chai Wacharonke, on May 28, 2024 the cabinet approved a draft of the official letter that indicates Thailand’s intention to become a member of BRICS[1]. According to Mr. Chai, the letter states that “Thailand realizes the importance of multilateralism and the increasing role of developing countries in the international arena… Becoming a BRICS member would benefit Thailand in many dimensions, including enhancing the country’s role in the international arena and increasing its opportunities to co-create a new world order.[2]” Furthermore, the letter also states that “the country’s vision is in line with the BRICS principles”[3].

The decision on the part of Thailand to apply for BRICS membership does not come altogether unexpected, given that on several occasions the country participated in the BRICS+ meetings – in fact Thailand was among the first emerging market economies to participate in the BRICS+ meetings in 2017 in China. Thailand has also actively participated in China’s BRI projects, ranging from infrastructure development (such as the Thai-Chinese high-speed railway) to the creation of special economic zones[4].

For Thailand greater cooperation with BRICS may bring more investment flows and trade, particularly if trade liberalization initiatives become a more prominent part of BRICS agenda. BRICS may also be an important platform for Thailand in reinforcing its credentials as a regional power in Southeast Asia that can deliver a tangible contribution to resolving global economic challenges. For the BRICS economies Thailand is an important entry point into the most dynamic and fastest growing region of the global economy. Thailand is ASEAN’s second largest economy that is uniquely positioned at the intersection of several regional blocs – most notably ASEAN and BIMSTEC – something that makes it a critical link in developing greater economic cooperation across such regions of the developing world as Southeast Asia and South Asia.

The decision on the part of Thailand to apply for BRICS membership may provide further impulses within the ASEAN grouping to explore the prospects of developing economic ties with BRICS. In 2023 one of the possibilities was the accession of Indonesia to BRICS, but despite the readiness of the bloc to accept it as the largest economy from ASEAN, Indonesia opted not to join the grouping. Given the latest decision from Thailand, Indonesia’s participation in the BRICS+ meetings in 2023 and the outcome of the presidential elections in Indonesia earlier this year there may be greater momentum coming from Indonesia to join the BRICS bloc.

While Thailand’s application to join the grouping is certainly a boost to BRICS, the further pace of its expansion and the timing of Thailand’s eventual accession are at this stage uncertain. With increasing membership, BRICS may need to spend time to duly integrate the new members that acceded in the beginning of 2024. There may also be discussions on the future modalities of further expansion, with decision-making and consensus on these issues arguably harder to secure in view of increased membership. The near-term prospects for Thailand may be further participation in BRICS+ meetings and the inclusion into the “circle of friends” of the BRICS that may be announced as the bloc’s new initiative at the summit in Kazan in October 2024.

With the largest economies of Southeast Asia developing closer ties with BRICS, there may also be scope in the medium-term for the BRICS to create BRICS+ platforms for regional integration blocs that would include the ASEAN as one of the most dynamic and advanced regional integration projects of the Global South. Some of the key economic policy tracks that may raise the potential for cooperation between BRICS and ASEAN include trade liberalization across regional integration blocs of the developing world, digital cooperation (where ASEAN is one of the global leaders) and the discussion of common approaches to environmental policy.

Yaroslav Lissovolik, Founder, BRICS+ Analytics

Image by viarami via Pixabay
[1] https://www.bangkokpost.com/thailand/general/2800989/cabinet-approves-brics-membership-bid.
[2] https://www.bangkokpost.com/thailand/general/2800989/cabinet-approves-brics-membership-bid.
[3] https://www.bangkokpost.com/thailand/general/2800989/cabinet-approves-brics-membership-bid.
[4] https://carnegieendowment.org/posts/2023/12/how-has-chinas-belt-and-road-initiative-impacted-southeast-asian-countries?lang=en

Russia
Source: mid.ru

Events planned for Russia’s BRICS Chairmanship

We regularly inform you about the events held within the framework of Russia’s 2024 BRICS Chairmanship.
On May 29-30, 2024, the Russian Academy of Sciences and the National Research Centre Kurchatov Institute hosted a Meeting of the Heads of Academies of Sciences of the BRICS Countries.
Both its theme – Academic Partnership in the Interests of Peace, Mutual Development, and Prosperity – and the meeting itself reflect the participants’ resolve to join efforts to address current global development issues for a better future. Actually, this goal underlies cooperation within the framework of BRICS.
Cooperation between the academic communities of countries that represent different civilisations is aimed at the substantive deepening of interaction in relevant fields, expanding research projects, promoting dialogue between young scientists, and popularising science.
Between June 5 and 10, 2024, Nizhny Novgorod will host the BRICS Skate Cup, a skateboarding and roller sports competition of professional athletes from BRICS states and athletes from other countries who applied for participation. This sports event was timed for the BRICS foreign ministers meeting scheduled to be held in Nizhny Novgorod on June 10-11, 2024.
This year, the sports project of the Grand Skate Tour in Nizhny Novgorod will be attended by athletes from over 20 countries, including Argentina, Azerbaijan, Bahrain, Belarus, Brazil, China, Colombia, Cuba, Egypt,, Ethiopia, India, Iran, Kazakhstan, Lebanon, the UAE, Russia, Saudi Arabia, Senegal, South Africa, Thailand, Turkiye, Uganda, and Zimbabwe. Everyone is free to attend the competition as a guest.
In addition to a sports programme, visitors will be able to attend cultural events, such as the first screening of documentaries and video clips, including about sports, open lectures delivered by foreign experts, Russian businesspeople and public opinion leaders in the fields of sports, culture, urban development and park projects. The programme includes location shooting of sports talk shows, the broadcasting of activities from the BRICS Forum and an exhibition of contemporary artists and photographers.
The BRICS Skate Cup has been organised by the Russian Federation of Skateboarding. We invite media representatives to take part in covering these events.
We will regularly update information about Russia’s BRICS Chairmanship.

Russia
Source: www.mid.ru

I am glad to attend our regular meeting of the Business Council under the Foreign Ministry.
We have agreed to focus our today’s meeting on a most pressing issue – interaction within the BRICS association.
BRICS is a unique interstate format where representatives of various countries of various religions, civilizations and cultures communicate, work and elaborate joint decisions, which are subsequently implemented. All this is done on the basis of equality, mutual respect, openness and search for a balance of interests.
The purpose of cooperation is understandable: to provide for the creation of favourable conditions for the economic growth of member countries, to resolve social problems and to develop innovatory human potential. No doubt that the interests of all member countries coincide in this matter and meet the hopes of other Global Majority countries, which has been confirmed by doubling our association membership in 2023 (from five to 10). This is also confirmed by the fact that over 30 states have applied for rapprochement with BRICS in one form or another.
A multipolar world order is being formed. This implies respect for the diversity of the world’s peoples and their right to determine their own paths and models of development. And associating in this sense is arousing an ever-growing interest, respect and a desire to work together. I repeat that the doors are open to representatives of the most diverse economic and political systems and macro-regions. The only condition is that you must agree to work on the basis of the key principle of the sovereign equality of states. Our Western colleagues are just unable to do this.
Partnership development within BRICS is our strategic priority indicated in the Concept of the Foreign Policy of the Russian Federation, approved by President of Russia Vladimir Putin in March 2023. We have been chairing BRICS since January 1.
The motto of our chairmanship is ‘Strengthening multilateralism for equitable global development and security.’ After five new member countries joined on January 1, the BRICS countries occupy more than 30 percent of the earth’s landmass, have 45 percent of the world’s population (3.6 billion people), account for more than 40 percent of all oil production and about a quarter of the world’s exports of goods (meaning all goods). Their combined GDPs, calculated on a purchasing power parity basis, even if we take only the five founding countries, have long surpassed that of the Western Group of Seven. The International Monetary Fund estimated last year that the BRICS founding five nations showed a GDP of $58.9 trillion, which is 33 percent of global GDP. The G7’s GDP is 5 trillion less. Accordingly, it accounts for only 30 percent of the global GDP.
The trend continues with the accession of new countries. Starting from January 1, Egypt, Iran, UAE, Saudi Arabia and Ethiopia are new BRICS members. We are now preparing to implement activities under the Russian presidency in all three main areas that have developed over the 15 years of BRICS’ existence: politics and security; economy and finance; and cultural, humanitarian and educational contacts. In total, we plan to organise about 250 events.
The BRICS Summit is scheduled for October 2024 in Kazan. As early as next week we will hold a meeting of the BRICS Council of Foreign Ministers in Nizhny Novgorod to be attended by both full-fledged members and invited countries representing a variety of integration entities in the Global Majority as well as other partners in the BRICS+ format.
The main focus of our activity is a search for response to the challenges and threats of our time and working out collective solutions to global problems and objectives of international development. We are paying particular attention (as instructed by the leaders at last year’s summit in Johannesburg) to developing recommendations on the creation of multilateral mechanisms that would not depend on the illegitimate actions of the West. It is blatantly using the existing globalisation instruments to pursue its neo-colonial policies aimed at living at the expense of others. Such work is already under way through central banks and finance ministries. It will continue, including with active participation from foreign ministries, given the enormous foreign policy and geopolitical importance of this topic.
We are going to give priority attention to strengthening contacts with business circles. It is because these issues just cannot be solved efficiently without you. We will encourage a direct dialogue between entrepreneurs within BRICS. The Business Council and the Women’s Business Alliance set up at Russia’s initiative are already operating. We will support your participation in these organisations in every way possible, especially this year when Russia holds the presidency.

Russia
Source: en.interaffairs.ru

The BRICS group of emerging nations has been agitating for a move away from US dollar dominance, ‘The Business Insider notes.

Last year, Brazilian President Luiz Inácio Lula da Silva called for a BRICS common currency. The economist who first gave the bloc its name said that idea was almost "embarrassing."

While the setup of a common currency is practically challenging, the bloc — which comprises Brazil, Russia, India, China, and South Africa, which make up its acronym, along with Iran, Egypt, Ethiopia, and the United Arab Emirates, its new members — has called for more trade and lending in local currencies as a way to break up with the dollar.

Christopher Granville, the managing director of global political research at GlobalData TS Lombard, wrote in a Friday report that there might be more traction in ditching the dollar this year when the BRICS bloc meets in the Russian city of Kazan from October 22 to October 24.

The summit would take place in the context of the US and its allies' increasingly aggressive stance toward Chinese exports, which they say are over capacity. And Washington is imposing secondary sanctions against banks processing payments to and from Russia, even if they're in local currencies, such as the Chinese yuan.

Granville wrote that a more-systemic solution was in the works: a Bank for International Settlements platform that allows for the direct, peer-to-peer settlement of commercial invoices and foreign-exchange trades in the central-bank digital currencies of participating countries. These currencies are similar to cryptocurrencies but are issued and backed by central banks.

The central banks of China, Hong Kong, the UAE, and Thailand participated in a BIS trial of the digital-currency system in 2022, but it's not live yet.

Still, Russia's foreign minister, Sergey Lavrov, also touted a digital-currency-based settlement system to local media recently — which Granville said was a sign central banks were eyeing the "US-insulated" solution.

"That Lavrov signal was unsurprising given Russia's own pressing need," Granville wrote. "While other countries outside the US alliance system will not feel the same urgency, this US-insulated CBDC solution still looks to be in their interests."

Specifically, it'd make sense for China amid its trade war with the US. China's central bank already has one of the most developed digital currencies, the digital Chinese yuan, that is used domestically, including to pay some public-sector salaries.

Granville wrote that the participation of other central banks in the CBDC system could weaken a key pillar of the US dollar's global reserve-currency status: international payments outside the eurozone.
The greenback accounted for 60% of international payments ex-eurozone in 2023, Granville's analysis found. This is in contrast to its 80% share in trade finance — which covers a wide range of products banks and companies use for trade — and 60% of global foreign-exchange reserves.

Chipping away at the US dollar's share in international payments through a non-dollar CBDC platform "would weaken one of three planks of the US dollar's global reserve currency status," Granville wrote. He added that the effect would hold even though the currency of choice for cross-border payments was less systemically important than the dollar's role in trade finance and FX reserves.

USA
Source: responsiblestatecraft.org

We're tracking the currency and trade moves of Russia, China, India and other Global South countries

As the current chair of BRICS, Russia is pursuing a rather extensive agenda related to finance that includes enhancing the role of member countries in the international monetary and financial system and developing interbank cooperation and settlements in national currencies.

BRICS is an intergovernmental organization founded by Brazil, Russia, India, China, South Africa that recently expanded and now includes Iran, Egypt, Ethiopia, and the United Arab Emirates.
There has also been discussion of a potential BRICS currency as part of a strategy of de-dollarization — the substitution of the dollar as the primary currency for international financial transactions. The U.S. trade war with China, as well as U.S. sanctions on China and Russia, are central to this ongoing discussion.

Although much U.S. media attention was paid to the enhancement of military and political cooperation during the summit between Russian President Vladimir Putin and Chinese President Xi Jinping in Beijing earlier this month, financial issues also figured high on the agenda.

The Russian delegation included Putin’s new defense minister, Andrei Belousov, whose appointment is believed to help ensure that the Russian economy better serves the strategic needs of the military. Russia's Finance Minister Anton Siluanov and the governor of the Central Bank, Elvira Nabiullina, also participated. Nabiullina’s participation was particularly noteworthy as she does not regularly accompany Putin on overseas visits. However, her participation would have been crucial for any discussion regarding sanctions workarounds and Moscow’s interest in de-dollarization.

Also noteworthy was Putin’s mention that trade turnover between the two countries in 2023 increased by some 25 percent, reaching over $227 billion. He was also keen to underscore that 90 percent of bilateral trade between the two countries was conducted in rubles and/or yuan.

It must be mentioned that Chinese banks are under increasing pressure from the U.S. to stop funding these arrangements. In any case, Putin’s observations were clearly intended not only for the Chinese leadership but also for the “global majority” or Global South as well to promote global joint Sino-Russian initiatives, such as de-dollarization, which have received increased support recently.

Indeed, it was probably no coincidence that during Putin’s visit it was announced that Beijing dumped a total of $53.3 billion of U.S. Treasuries and agency bonds combined in the first quarter, according to calculations based on the latest data from the U.S. Department of the Treasury. Belgium, often seen as a custodian of China’s holdings, also disposed of $22 billion of Treasuries during the same period. These figures underscore China’s continuing commitment to de-dollarization.

As of March 2024, over half (52.9%) of Chinese payments were settled in RMB while 42.8% were settled in U.S. dollars. Furthermore, according to data released by the People's Bank of China, China's gold reserves rose to 2264.87 tons in the first quarter of 2024, up from 2235.39 tons in the fourth quarter of 2023.This is double the share from the previous five years.

According to Goldman Sachs, foreigners’ increased willingness to trade assets denominated in RMB continues to contribute to de-dollarization in favor of China’s currency. Early last year, Brazil and Argentina announced that they would begin allowing trade settlements in RMB. With the onset of the global de-dollarization trend, numerous countries have sped up diversifying their reserves by augmenting their gold holdings and adopting local currencies for international transactions.
At the ASEAN finance ministers and central banks meeting in Indonesia in March, policymakers discussed cutting their reliance on the U.S. dollar, the Japanese yen, and the euro and moving to settlements in local currencies instead. And, in early April, Indian media widely reported that the Ministry of External Affairs (MEA) had announced that India and Malaysia were starting to settle their trade in the Indian rupee. India already conducts most of its energy trade with Russia in rupees or rubles.

As de-dollarization accelerates, the BRICS nations continue efforts to establish a new reserve currency backed by a basket of their respective currencies. BRICS members have not developed their own currency; however, a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. The payment system, referred to as the BRICS Bridge, would connect member countries' financial systems using payment gateways for settlements in central bank digital currencies.

Ideally, a BRICS currency would allow these countries to assert their economic independence while competing with the existing international financial system. The current system is dominated by the U.S. dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in dollars; however, in 2023, one-fifth of oil trades were reportedly conducted with non-dollar currencies.

The potential impact of a new BRICS currency on the U.S. dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. According to an article on Nasdaq.com, “Any such currency, if stabilized against the dollar, would weaken the power of U.S. sanctions, by reducing the influence of the dollar globally…weakening the status of the dollar as a global currency and mitigating risks associated with global volatility due to the lessening of dependence on the dollar…As more countries would seek alternatives to the dollar this would only accelerate the trend toward de-dollarization.”

In a recent interview, Sergey Ryabkov, Russia’s deputy foreign minister, revealed that the de-dollarization agenda would take center stage at the BRICS summit scheduled to take place in Russia in October 2024. The alliance will become stronger after the summit, ushering developing nations into a "whole new ball game."

The BRICS has also created the BRICS Bank in 2015. Now known as the New Development Bank, or NDB, it mobilizes resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries.

In 2021, the NDB expanded its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as new members. In March its board of directors concluded its 43rd meeting at its headquarters in Shanghai. During meetings a robust project pipeline for 2024 was discussed, aligned with the development objectives of NDB’s member countries.

Although the threat of de-dollarization and a digital BRICS currency do not appear imminent, there is no doubting the commitment, particularly by China and Russia, to the creation of an alternative to the existing financial architecture underpinned, as it is, by the U.S. dollar.

If successful, the addition of a competing system could prove particularly enticing to countries in the Global South and would hopefully lead U.S. policy makers to exercise greater restraint regarding the use of sanctions as a foreign policy hammer, especially given the current domestic environment of inflationary pressure and ever-growing national debt.

Russia
Source: www.cbr.ru

The BRICS deputy finance ministers and central bank governors discussed the current results of the work of the group’s financial track. The meeting was attended by Bank of Russia First Deputy Governor Vladimir Chistyukhin and Deputy Finance Minister of the Russian Federation Ivan Chebeskov.

Among the issues of shared competence of the regulators and ministries of finance, the partners discussed the structure of the BRICS report on enhancing the international foreign exchange and financial system, financial cooperation within the BRICS Business Council, and opportunities for establishing an independent cross-border settlement and depository infrastructure of the BRICS countries.

Vladimir Chistyukhin emphasised the importance of the study of the industry’s legal framework initiated by the Russian regulator and the BRICS central banks’ and national depositories’ mandates.

At the session on cooperation among the BRICS central banks, the participants discussed the areas of collaboration which the Bank of Russia considers to be the top priorities:

• developing cooperation in payments;
• enhancing the mechanism of the BRICS Contingent Reserve Arrangement and preparing the fifth issue of the Economic Bulletin on the state of the BRICS economies in the conditions of elevated interest rates;
• ensuring information security in finance and holding the first cross-border cyber trainings;
• conducting joint studies of the use of artificial intelligence and the operation of remote identification systems;
• transition (adaptation) financing and BRICS approaches to disclosing information on sustainable development; and
• holding open dedicated events, workshops and round tables under Russia’s chairship of BRICS.

The Bank of Russia continues to gradually integrate the central banks of the BRICS new members into the work of the financial track. The central banks of the United Arab Emirates, Egypt, Ethiopia and Iran are engaged in all the initiatives proposed by the Russian regulator in 2024.

The next meeting of the BRICS financial track at the level of the deputy finance ministers and central bank governors will take place on 23 July 2024 in Rio de Janeiro (Brazil) on the sidelines of the G20 events.

Russia
Source: brics-russia2024.ru

The first high-level BRICS International Forum on Nuclear Medicine will take place in St. Petersburg on 20–21 June 2024. The Russian Ministry of Health and Rosatom State Corporation are the organizers of the Forum.

Today, nuclear medicine is one of the key focuses in the development of a high-tech personalized approach to the diagnosis and treatment of various oncological and non-oncological diseases.
The Forum events will be attended by leaders from BRICS ministries of health and the relevant agencies responsible for cooperation in nuclear medicine, leading experts from scientific centres in this field, as well as developers and manufacturers of radiopharmaceuticals.

The meeting will be attended by roughly 200 people, including BRICS oncological and therapeutic centres, research organizations, and higher education institutions.

The upcoming Forum will serve as an effective platform to present developments in nuclear medicine and a starting point in consolidating the efforts of BRICS countries to further promote nuclear medicine.

The Forum participants will discuss an overview of BRICS best practices in nuclear medicine, which will be presented in the United Nations, World Health Organization, International Atomic Energy Agency, and the International Agency for Research on Cancer.

The Roscongress Foundation manages the events of Russia’s BRICS Chairship.