Amid widening divisions between East and West, an unlikely alliance of major developing economies is steadily pushing forward an agenda aimed at diminishing longstanding pillars of Western influence on the international stage.
Under Russia’s yearlong leadership role, the powerful BRICS association of Brazil, Russia, India, China and South Africa has ushered in new partners and initiatives as it strives to reshape institutions, mechanisms and norms that have underpinned global political and economic affairs for over half a century. This vision is steadily materializing despite profound hindrances Moscow faces across an increasingly fractured geopolitical landscape.
The year 2024 is a landmark year for the foreign policy of the Russian Federation,” Russian Ambassador to the U.S. Anatoly Antonov declared in an exclusive interview. “Advancement of the international community towards genuine multipolarity is gaining momentum. And Russia is not a mere witness to these trends, but an active participant in this much-needed process.
A Growing Roster with Global Reach
Initially established 15 years ago among the group’s namesake emerging economic powerhouses, BRICS has progressively taken on greater geopolitical gravitas as it welcomes new members and partners. The bloc’s ranks swelled last year when Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates formally joined at the Johannesburg Summit. Argentina was also slated to sign up before domestic political changes prompted its government to rescind accession.
Nonetheless, some three dozen other nations across Latin America, Africa and Asia have expressed interest in linking up with BRICS, whether as full member states or partners focused on targeted initiatives. Many of these countries share grievances around what they see as disproportionate control of international institutions by Western heavyweights, leaving developing economies dependent on the whims of financial decision-makers in Washington, Brussels and London.
As Moscow gears up to host BRICS’ next summit gathering in Kazan this October, Russia is setting its sights on enhancing the bloc’s standing as an attractive decentralized pole for such nations seeking greater autonomy.
“For those who do not want to live under someone else’s dictate, and aspire to be on friendly terms with the rest of the world, trading and interacting on equal footing,” Antonov expounded. “For those, to whom the fundamental principles of the group—sovereign equality, mutual and consensual consideration of interests, desire to shape a fair model of global markets, search for collective answers to the current challenges—are not an empty word.”
Chipping Away at Dollar Dominance
One central ambition underlying BRICS’ drive has been to loosen what many contend is outsize reliance on the U.S dollar for global trade and as the foremost reserve currency for central banks. Supporters argue this leaves developing countries overly exposed to the whims of institutions like the Federal Reserve, constraining their financial policy options.
Through entities such as the New Development Bank, initiatives to boost trade in domestic currencies and new collaborative lending instruments, BRICS aims to provide an alternative path for countries seeking to escape debt dilemmas and transaction costs associated with the prevailing dollar-centric system.
“Even politically affiliated experts acknowledge de facto monopolization of the current financial and economic infrastructure,” Antonov asserted. “Such a situation does not in any way contribute to the global financial stability. And most importantly, it undermines its own credibility by creating new crises and hindering genuine decolonization of the world economy.”
But beyond mitigating vulnerabilities in the existing framework, Russia’s envoy posited the effort holds deeper significance as a means for safeguarding sovereignty. Financial mechanisms dominated by a few influential capitals effectively coerce developing countries to bend to Western interests and values against their own national priorities, he argued.
“A situation when a few countries feel entitled to dictate their will to others, threatening to cut off access to global economic processes, confiscate their assets, and ruin [the] well-being of ordinary citizens, is fundamentally wrong and inconsistent with prevailing tendencies,” Antonov added. “The overwhelming majority of states have realized the harmfulness of such approaches.”
Accordingly, BRICS will continue pooling resources outside the bounds of partisan politics in Western states, designing new channels to carry out its members’ objectives.
“It is unacceptable when the debt burden of developing countries—or rather, their ability to get out of the debt trap they were forced into over decades—is at the ‘mercy’ of the central banks of the United States and Europe,” the diplomat emphasized.
Mounting Momentum Despite Obstacles
Contention around BRICS’ expanding mandate has arisen in numerous quarters, though signs point to growing interest aligning with the bloc’s intended course.
The U.S. dollar still accounts for over 60 percent of identified global foreign exchange reserves, distantly ahead of the euro and other closest competitors. Coordinating the diverse strategic interests among BRICS’ eclectic mix of member states also poses its own test, as evidenced by friction at past summits regarding divisive conflicts.
Nonetheless, Antonov waved off skepticism about the nascent bloc’s capacity to deliver on its lofty mission. Saudi Arabia conducting cordial economic diplomacy with Tehran or Buenos Aires temperately stepping aside indicate the grouping’s cooperative ethos taking root. shared annoyance with perceived overreach of sanctions regimes seems to be spurring camaraderie.
And as Western measures continue piling up against Moscow over its war in Ukraine, ancillary effects on energy, grain and fertilizer markets are stoking wider apprehension. The emphasis on self-directed development plus Western pressure appear to be drawing more middling countries toward exploring alternatives through entities like BRICS.
“The very fact that a number of U.S. journalists cast doubt on the ability of China and India, Saudi Arabia and Iran to work together, only confirms a unique character and power of BRICS,” Antonov remarked. “When sneering at Argentina’s ‘recusal,’ they ignore that there were neither criticism nor threats towards Buenos Aires from other members of the organization, only a confirmation of the readiness to cooperate in any convenient form. And this is the key idea behind the new world order, searching for answers to challenges on a collective basis, without imposing alien values and influences.”
An Agenda Centered on Inclusion
As much as eroding dollar dominance and Western-sponsored groupings, building opportunity for equitable participation may be BRICS’ driving purpose.
Antonov emphasized the grouping does not view bolstering its position as a zero-sum endeavor against the U.S. or any bloc. Accusations of competing for influence miss the point—providing an inclusive venue for seeking collaborative solutions reflects the multipolar ethic it seeks to spur.
“The very essence of BRICS doesn’t lie in confrontation, but in promotion of a positive and unifying agenda,” according to Antonov. “Nobody exerts pressure on particular states to join the group. It is all driven by their own plans and intentions.”
With over 200 events lined up under themes of politics, business, culture and academia, Russia is looking for its BRICS leadership to yield substantive progress across these realms. Such momentum might in turn encourage more nations to join, Antonov suggested, as the appeal of consensus-based development centered on national context broadens.
“Russia will bring together representatives of different cultures and civilizations, countries with different economic and political systems,” said Antonov. “However, the discussions will not be focused on differences, but on the search for common ground on the principle of consensus and taking into account each other’s positions. Isn’t that the essence of genuine multipolarity?”
