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BRICS unlikely to offer Russia extra support

Wednesday, October 30, 2024

Significance

It was the first summit since the BRICS group expanded its membership earlier this year. As the current BRICS chair and summit host, Russia used the event to advance its political, economic and financial agenda, presenting several initiatives to reform the system of global governance and international financial system. However, member states adopted a cautious approach.

Impacts

  • The momentum to integrate BRICS countries may weaken when Brazil assumes the chair next year.
  • The newly created BRICS Grain Exchange lacks detail and will be difficult to implement.
  • Intra-BRICS trade in energy is most susceptible to de-dollarisation.

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