Business news from Ukraine

Business news from Ukraine

At BRICS summit, Modi called for speedy resolution of conflict in Ukraine

During his meeting with Russian President Vladimir Putin at the BRICS summit in Kazan, Indian Prime Minister Narendra Modi emphasized the importance of achieving peace in Ukraine as soon as possible. He said that India supports efforts to restore stability and favors a peaceful resolution of the conflict.

The three-day summit, which began on October 22, was the largest international event in Russia since the outbreak of hostilities in Ukraine. Amid heightened security measures, Putin is using the meeting to strengthen diplomatic ties and promote the idea of resisting Western influence.

Modi noted that New Delhi is in constant contact with Russia on the conflict and is committed to finding peaceful solutions. Putin, for his part, praised the strategic partnership with India and expressed his readiness to develop it further.

India, balancing the interests of Kyiv and Moscow, provided humanitarian aid to Ukraine without directly condemning Russia’s actions. This year, Modi has already visited both Kyiv and Moscow in an effort to stimulate negotiations. India is also seen as a potential mediator in resolving the conflict.

The BRICS summit was attended by about 20 world leaders, including Chinese President Xi Jinping, Turkish President Recep Tayyip Erdogan, and UN Secretary-General Antonio Guterres. An important topic of the meeting was the idea of creating an alternative payment system that could replace SWIFT, which was disconnected from the Russian economy.

Confrontation with the West and the BRICS’ internal policy

Although the United States denies that BRICS is a geopolitical rival, Washington is concerned about Russia’s attempts to increase its influence amid the conflict. In 2023, the International Criminal Court issued an arrest warrant for Putin for deporting children from Ukraine, which limited his international travel.

Russia presents the BRICS summit as a diplomatic success, proving that the West has failed to isolate Moscow. This year, Russia has not only strengthened its position in eastern Ukraine, but also strengthened relations with countries such as China, Iran, and North Korea.

During his talks with Modi, Putin said that at the summit in Kazan, the leaders should make important decisions to improve the organization’s activities. During the event, the Russian president will also meet with other world leaders, including Xi Jinping and Erdogan, and talks with Guterres are scheduled for Thursday.

Security and challenges of the summit

Due to the increased frequency of drone attacks and Kazan’s proximity to Ukraine, security measures have been significantly tightened. Residents are advised to stay at home, and students have been temporarily evicted from their dormitories. Traffic in the center of Kazan is also restricted.

The West fears that through BRICS, Russia will be able to promote its ideas and increase its influence in the world. Ukrainian President Volodymyr Zelenskyy has expressed concern that if Russia is successful, other countries may follow suit in using force to resolve conflicts.

The BRICS, established in 2009, has gradually expanded to include countries such as South Africa, Iran, and Egypt. However, there are differences within the bloc, especially between India and China. Turkey, a NATO member, recently expressed its desire to join the BRICS, adding new diplomatic challenges. Meanwhile, Brazilian President Lula da Silva canceled his trip to the summit due to a head injury, which also became an unexpected factor in the event.

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Turkey has officially applied for BRICS membership

Turkey has officially applied to join BRICS, Bloomberg reports citing its sources.
The publication writes that such a decision is due to the fact that the country wants to strengthen its global influence, as well as to establish new ties outside the traditional Western allies.

BRICS is an abbreviation for Brazil, Russia, India, China, South Africa. This association is also called an analog of the G7 or G20 – a club for the interests of countries that are not satisfied with the “dominance” of the West. Earlier this year, Brazil, Russia, India, China and South Africa were joined by four new members – Iran, United Arab Emirates, Ethiopia and Egypt. Saudi Arabia was invited to join, but has not yet done so.
Malaysia, Thailand and Azerbaijan have applied to join BRICS. The next BRICS summit to discuss its expansion will be held in Russia in late October 2024.

 

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Argentina wants to withdraw from BRICS

Argentine authorities have officially informed the leaders of the BRICS member countries of their decision not to join the association, Argentine newspaper Clarin reported Friday, citing sources in the Argentine government.

“The government has sent letters with this information to the presidents of each of the BRICS countries to make official the decision made a few weeks ago,” the newspaper wrote.

Later, Argentine President Javier Milay confirmed the country’s refusal to join the association in official letters sent to the leaders of BRICS member countries.

“Some decisions taken by the previous government will be reconsidered. Among them is the creation of a specialized unit for the country’s active participation in BRICS,” Milei said in a letter to Brazilian President Luiz Inacio Lula da Silva.

“At this stage, Argentina’s accession to BRICS as a full member as of January 1, 2024, does not seem appropriate,” Miley added.

Milay, who came to power earlier this year, opposed Argentina’s accession to BRICS as early as during his election campaign. In late November, Diana Mondino, who was then set to take over as foreign minister, said that “Argentina will not join BRICS” because it could not make the contribution to join the BRICS New Development Bank.

Argentina, along with Egypt, Ethiopia, Iran, Iran, Saudi Arabia and the UAE, was invited to join the grouping as of January 1, 2024.

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Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE invited to join BRICS

The BRICS member states have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE to join the organization, South African President Cyril Ramaphosa said on Thursday.

“We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE to become full members of BRICS,” Ramaphosa said in a speech at the BRICS summit.

The membership of these countries will become official on January 1, 2024, the South African leader explained.

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