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POLITICAL RISK: China Confirms Xi's Attendance At Upcoming BRICS Summit

POLITICAL RISK
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(MNI) London - State-run Xinhua has confirmed the widely expected news that President Xi Jinping will attend the BRICS summit in the Russian city of Kazan from 22-24 October. The summit is the pre-eminent meeting of leaders from the 'global south' formed of emerging markets that are either non-aligned or aligned with China. The fact that it is Russia hosting the 2024 summit displays an even starker sign of the BRICS status as a counterweight to the G7. 

  • Reuters reports that President Vladimir Putin "is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions." This system would seek to facilitate a shift away from the US dollar as the global reserve currency. However, in a sign of a lack of enthusiasm among other BRICS members, most gov'ts sent only junior officials to last week's BRICS finance ministers' meeting in Moscow with finance ministers and central bankers largely giving the meeting a miss.
  • Putin aide Yury Ushakov has claimed that leaders from 24 countries with 32 delegations in total will be in Kazan as part of the wider BRICS+ grouping. This will also mark the first summit in which Egypt, Ethiopia, Iran, and the UAE participate as full members (Saudi Arabia has not responded to its invitation and will send its foreign minister, Prince Faisal bin Farhan Al Saud)
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(MNI) London - State-run Xinhua has confirmed the widely expected news that President Xi Jinping will attend the BRICS summit in the Russian city of Kazan from 22-24 October. The summit is the pre-eminent meeting of leaders from the 'global south' formed of emerging markets that are either non-aligned or aligned with China. The fact that it is Russia hosting the 2024 summit displays an even starker sign of the BRICS status as a counterweight to the G7. 

  • Reuters reports that President Vladimir Putin "is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions." This system would seek to facilitate a shift away from the US dollar as the global reserve currency. However, in a sign of a lack of enthusiasm among other BRICS members, most gov'ts sent only junior officials to last week's BRICS finance ministers' meeting in Moscow with finance ministers and central bankers largely giving the meeting a miss.
  • Putin aide Yury Ushakov has claimed that leaders from 24 countries with 32 delegations in total will be in Kazan as part of the wider BRICS+ grouping. This will also mark the first summit in which Egypt, Ethiopia, Iran, and the UAE participate as full members (Saudi Arabia has not responded to its invitation and will send its foreign minister, Prince Faisal bin Farhan Al Saud)