The 2024 BRICS Summit in Russia has garnered significant attention as the bloc—comprising Brazil, Russia, India, China, and South Africa—seeks to challenge the West-dominated global order. With geopolitical shifts intensifying due to the Ukraine war, escalating sanctions, unrest in the Middle East, and the deepening China-India rivalry, BRICS aims to emerge as a counterweight to the established international systems represented by institutions like the IMF and the World Bank. This analysis explores whether the BRICS summit has the potential to reshape the current global landscape, focusing on the bloc’s response to these pressing global issues.
The 2024 BRICS Summit in Russia has garnered significant attention as the bloc—comprising Brazil, Russia, India, China, and South Africa—seeks to challenge the West-dominated global order. With geopolitical shifts intensifying due to the Ukraine war, escalating sanctions, unrest in the Middle East, and the deepening China-India rivalry, BRICS aims to emerge as a counterweight to the established international systems represented by institutions like the IMF and the World Bank. This analysis explores whether the BRICS summit has the potential to reshape the current global landscape, focusing on the bloc’s response to these pressing global issues.
The Ukraine War and West’s Sanctions: A Catalyst for Realignment
Russia, a key BRICS member, plays a central role in the Ukraine war, which has reshaped global alliances. Western sanctions have economically isolated Russia, pushing it toward BRICS as an alternative.
Moscow now controls almost one-fifth of Ukraine, including Crimea, annexed in 2014, about 80% of Donbas, and over 70% of the Zaporizhzhia and Kherson regions. Putin claims the West now acknowledges Russia’s eventual victory but remains open to talks based on the April 2022 Istanbul ceasefire draft.
BRICS offers Russia a platform to counter sanctions, reduce reliance on Western institutions like the IMF and World Bank, and strengthen economic ties with member states. This summit is crucial for Russia to seek economic relief and restore legitimacy, but internal challenges, such as India’s balancing act between Russia and the West, may test BRICS’ ability to present a united front.
Middle East Unrest: A Test of BRICS’ Influence
The BRICS summit coincides with growing unrest in the Middle East, particularly tensions between Israel and Gaza, which have drawn global attention. The region’s volatility affects global energy prices and supply chains, areas of vital interest for BRICS economies, especially China and India, which heavily rely on Middle Eastern oil.
Russia and China, as permanent members of the UN Security Council, have often taken a different stance from Western powers on Middle East issues. The BRICS nations may use the summit to promote a collective stance on resolving conflicts in the region, aiming to reduce Western influence in Middle Eastern politics. By offering an alternative narrative, BRICS could position itself as a mediator in regional conflicts, furthering its aspirations for a multipolar world order. However, the divergent interests of member states, particularly with India’s strategic ties to Israel and Iran, may hinder a cohesive approach.
China-India Rivalry: Cooperation or Conflict?
One of the most significant internal challenges to BRICS is the ongoing rivalry between China and India. Both countries have contrasting visions for global leadership, with China’s economic clout often overshadowing India’s ambitions. The two nations also have contentious border issues, making their cooperation within BRICS more complicated.
Despite these tensions, the BRICS framework has provided a platform for both nations to engage diplomatically and economically. The summit in Russia is an opportunity for China and India to set aside their differences and work together toward common goals, such as reducing dependence on the West and promoting trade in local currencies. However, their rivalry could also undermine BRICS’ ability to act cohesively, particularly if either nation seeks to assert dominance within the group.
IMF and World Bank: The Counterweight
The BRICS nations have long criticized the IMF and World Bank for being biased toward Western interests. At this summit, the bloc is expected to accelerate its push for alternative financial systems, such as the New Development Bank (NDB), which is designed to offer financing to developing countries without the stringent conditions imposed by the IMF and World Bank. The creation of a BRICS currency or further development of local currency trade mechanisms is also a likely discussion point, aimed at reducing the dominance of the US dollar in global trade.
However, the success of these efforts depends on the ability of BRICS nations to present a unified front. The IMF and World Bank have been key players in global economic stability, and despite their criticisms, several BRICS countries continue to rely on these institutions for development funding. The BRICS summit will need to offer concrete alternatives that are both feasible and attractive to other developing nations.
Toward a New World Order?
The 2024 BRICS Summit in Russia is positioned as a pivotal moment in global geopolitics. With the world divided by conflict, sanctions, and economic uncertainty, BRICS presents itself as a platform capable of challenging the existing global order. However, internal divisions within the group—particularly the China-India rivalry—and the complexity of global crises like the Ukraine war and Middle East unrest raise questions about the bloc’s ability to lead a new world order.
While the BRICS nations are increasingly influential, their capacity to create a cohesive and powerful alternative to Western institutions like the IMF and World Bank remains uncertain. The summit will need to navigate these challenges while offering tangible solutions for economic cooperation and political unity. Ultimately, BRICS has the potential to reshape the global landscape, but it will require unprecedented coordination and commitment from all member states to do so.
As the world watches the developments from this summit, the outcomes will signal whether BRICS can indeed bring about a new world order or if it remains constrained by internal and external forces.
