Model of liberal globalization becoming obsolete, Putin tells BRICS summit

ISTANBUL

Russian President Vladimir Putin on Sunday said the model of liberal globalization is becoming obsolete.

Addressing the 17th BRICS summit in the Brazilian city of Rio de Janeiro via videoconference, Putin argued that the future of business is shifting towards emerging markets, which he said is “triggering a powerful wave of growth,” including in BRICS member states.

“In order to make the most of the opportunities that are opening up in this regard, it is important to intensify cooperation between the member states of our association,” Putin said, highlighting sectors such as technology, trade and finance.

He further argued that the “unipolar system of international relations” is being replaced by a “more just, multipolar world,” and that the process of changing the global economic order continues to gain momentum.

Putin said it is necessary to further expand the use of national currencies in mutual settlements among BRICS countries.

“The BRICS countries account for not only a third of the earth's land area and almost half of the planet's population, but also 40% of the global economy, and the combined GDP at purchasing power parity has already reached 77 trillion dollars,” Putin said, citing IMF data for 2025.

He added that, in this indicator, BRICS significantly surpasses some other international organizations, including the Group of Seven.

The two-day 17th BRICS summit began on Sunday.

The acronym BRICS represents the bloc's original five members: Brazil, Russia, India, China, and South Africa.

The bloc has expanded with the addition of Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia as full members.

Late last month, Russian presidential aide Yuri Ushakov announced that Moscow would be represented at the summit by a delegation led by Foreign Minister Sergey Lavrov.

He further noted that Putin would take part in the event via videoconference “due to certain difficulties in the context of the ICC’s (International Criminal Court) requirements,” referring to an arrest warrant issued by the ICC for the Russian president in March 2023.