Ahead of SCO summit, Putin’s big Brics push and a call: Reform IMF, World Bank

Russian President Vladimir Putin said on Saturday that Moscow and Beijing are “united in strengthening” the Brics grouping, positioning it as a counterweight to “discriminatory sanctions” that, he argued, were slowing the economic progress of many nations.

In a written interview with China’s Xinhua News Agency ahead of the Shanghai Cooperation Organisation (SCO) summit in Tianjin, Putin said Russia and China were working together to make Brics a “key pillar of global architecture.”

‘We are working closely within Brics…’: Putin

“We are working closely with China within Brics to expand its role as a key pillar of global architecture. Together, we advance initiatives aimed at expanding economic opportunities for member states, including common platforms for partnership in strategic sectors,” he said.

He added that Brics members opposed sanctions that “hinder the socio-economic development of our members and the world at large.”

“We reaffirmed the strategic choice of our peoples in favour of good-neighbourliness, friendship, and long-term, mutually beneficial cooperation,” he said, praising Xi’s “genuine commitment” to advancing their partnership.

Putin calls for reforms within international financial institutions

The Russian leader renewed his call for reform of international financial institutions, saying the IMF and World Bank remain skewed towards the West.

“Alongside our Chinese partners, we support reform of the International Monetary Fund and the World Bank. We are united in the view that a new financial system must be based on openness and true equity, providing equal and non-discriminatory access to its tools for all countries,” he said, warning against the use of finance as an “instrument of neo-colonialism.”

On global platforms, Putin credited China with helping to shift the G20 agenda towards the priorities of the Global South.

“Within the G20, together with like-minded nations, and especially Brics members, we have redirected the agenda towards issues of real importance to the Global Majority, strengthened the format by including the African Union, and deepened the synergies between the G20 and Brics,” he noted.

Putin to attend Victory Day parade in Beijing

During his visit, Putin will attend the Victory Day parade in Beijing alongside more than 20 world leaders to mark China’s victory over Japan in World War II.

He recalled the sacrifices of both the Soviet Union and China during the conflict.

“It was our citizens who endured the greatest hardships in the struggle against the invaders and played a decisive role in defeating Nazism and militarism,” Putin said.
“Through those severe trials, the traditions of friendship and mutual assistance were forged and strengthened — traditions that today form a solid foundation for Russian-Chinese relations.”

He added that China’s resistance was crucial in preventing Japan from “stabbing the Soviet Union in the back” during the war’s darkest period.