The Russian President Vladimir Putin is currently in China to participate in the 25th Shanghai Cooperation Organization(SCO) Heads of State Council summit, taking place from August 31 to September 1. During the summit, he is expected to hold bilateral talks with Prime Minister Narendra Modi on the sidelines. Prior to this, he strongly criticized tariffs imposed by the US. Putin stated that China and Russia are working together to strengthen BRICS and offer ‘new alternatives’ to the world.
In an interview with the Xinhua News Agency ahead of the Shanghai Cooperation Organisation (SCO) Summit, Putin stated that Russia and China share a common stance against discriminatory sanctions that hinder the socioeconomic development of BRICS members and the world at large.
Ahead of the SCO summit, Putin emphasised that Russia and China relations have reached an “unprecedented level,” noting that bilateral trade with Moscow’s leading partner has grown by about USD 100 billion since 2021. “In terms of trade volume, China is by far Russia’s leading partner, while last year Russia ranked fifth among China’s foreign trade partners,” Putin told Xinhua news agency, adding that transactions between Russia and China are almost completely carried out in rubles and yuan.
Russian President Vladimir Putin also reaffirmed that China remains its leading importer of oil and gas, adding that the two sides continue their joint efforts to reduce bilateral trade barriers. The Russian President hoped that the summit would strengthen SCO’s capacity to respond to contemporary challenges and threats and help in “shaping a fairer multiple world order.”
During the interview with Xinhua News Agency, Putin reiterated support for reforming the International Monetary Fund (IMF) and the World Bank, calling for a “new financial system” based on “true equity” and equal access for all nations. The Russian President further criticised the use of financial tools as a form of “neo-colonialism” and said BRICS seeks inclusive progress benefitting the “Global Majority”.
During the interview with Xinhua News Agency, Putin reiterated support for reforming the International Monetary Fund (IMF) and the World Bank, calling for a “new financial system” based on “true equity” and equal access for all nations.
“Alongside our Chinese partners, we support the 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 and reflecting the real standing of member states in the global economy. It is essential to end the use of finance as an instrument of neo-colonialism, which runs counter to the interests of the Global Majority. On the contrary, we seek progress for the benefit of all humanity,” Putin stated, as quoted by Xinhua News Agency. The Russian President further criticised the use of financial tools as a form of “neo-colonialism” and said BRICS seeks inclusive progress benefitting the “Global Majority.”
Putin also praised China’s role within the G20, during his interview with Xinhua News Agency, noting that together with other like-minded nations, Russia and China have contributed to shifting the group’s agenda to reflect the priorities of the Global South. He welcomed the inclusion of the African Union in the G20 framework, calling it a step toward “deepening synergies” between BRICS and other global groupings.”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 said, as quoted by Xinhua News Agency.
(With ANI Inputs)
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