Hassan Magulumali
In today’s shifting geopolitical landscape, BRICS is becoming a key element of Russia’s foreign policy.
After severing ties with the West, Moscow is now focusing on forging political and economic partnerships with countries in the Global South.
Expanding BRICS and establishing it as a formal institution are central to Russia’s plan to reshape the current global order.
By building new alliances across the Global South, Russia hopes to transform BRICS into a crucial part of a new, multi-layered system of international relations. This shift is already affecting the Russian economy and its growth prospects.
While the support from the Global South has helped ease some of the economic pressures from the West, it remains uncertain whether these new relationships can fully replace Russia’s former economic ties.
The ongoing conflict between Ukraine and Russia highlights Moscow’s desire to redefine the international order and system which is bias and that prioritizes Western interests and values.
Russia’s strategy is based on the idea that Western dominance is waning and that the global order is evolving.
Read More:More South American Nations Eye BRICS Membership
Moscow emphasizes the importance of developing alternative centers of power in global governance, particularly by strengthening ties with non-Western nations in Africa, Asia, and Latin America.
The concept of “integration of integration” suggests a loose coalition of alternative regional powers, which Russia sees as a natural progression toward replacing older institutions like the International Monetary Fund and G7.
The goal is to establish a “democratic multi-polar world.” BRICS is viewed as a prototype for future collective mechanisms in this multi-polar world, acting as a platform for coordination and a unified voice.
The group’s expansion into regions like Africa, Latin America, and the Middle East is part of a broader strategy to enhance cooperation on various multi-lateral initiatives, such as partnerships with African nations and collaborations with MERCOSUR.
As Russia takes the lead in BRICS in 2024, it aims to push this ambitious agenda forward. Key goals include integrating new members, expanding the group, and formalizing existing cooperation frameworks.
Moscow recognizes the need to institutionalize BRICS further, focusing on political and security collaboration, economic ties, and cultural exchanges.
This transformation aims to create an alternative system of global governance that could attract nations currently aligned with Western alliances.
A priority for Russia is to enhance foreign policy coordination among BRICS members. The introduction of BRICS Pay ,a centralised structure within individual countries while maintaining a decentralized aproach,could be a more immediate goal is to reduce reliance on the dollar in trade and promote economic collaboration across sectors.
Russia is also keen on engaging with over 30 countries as potential members or partners, which would bolster BRICS’s influence on the global stage. Economic Stability Since February 2022, Russia’s economy has performed better than many expected. The support from BRICS and the Global South has helped Moscow withstand economic isolation from the West.
Close cooperation with countries like China and India has been crucial in maintaining Russia’s economic stability and access to global markets. This collaboration has spurred growth in domestic industries, presenting new opportunities for state-connected businesses.
Russia is indeed adopting a gradual approach to integration, focusing on building strong bilateral relationships. Trade between Russia and India has surged, with volumes doubling in 2023 and expected to exceed $50 billion.
In the energy sector, China and India have become major markets for Russian oil, further solidifying energy cooperation as a pillar of Russia’s economic strategy.
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