Kazan, 23 October 2024 (dpa/MIA) – Russia hopes for stronger financial cooperation with the other members of the BRICS intergovernmental organization, Kremlin spokesman Dmitry Peskov said on the first day of the organization's summit in the Russian city of Kazan on Tuesday.

Peskov denied that Moscow was seeking to use BRICS to combat the dominance of the US dollar in world market: "Cooperation within BRICS is not directed against anyone, against anything, neither against the dollar nor against other currencies. It pursues the main goal of ensuring the interests of those countries participating in this format."

However, Russian President Vladimir Putin has repeatedly criticized the dominance of the US dollar.

Speaking ahead of the summit he had also said one of its aims was to provide an alternative to the SWIFT network, through which international payments are routed and from which many Russian banks were banned after the country's invasion of Ukraine.

Putin also reiterated his proposal to conduct bilateral trade in national currencies during talks with his foreign guests in Kazan.

Setting up a joint bank is also on the BRICS agenda.

Show of diplomacy

The summit, which runs until Thursday, is an opportunity for Putin to host 24 heads of state and government in a rare show of diplomacy.

For Putin, the initiative serves political as well as financial goals, as he hopes to create a new world order to end the dominance of the United States.

The original members of BRICS - Brazil, Russia, India, China and South Africa - have been joined by the United Arab Emirates, Egypt, Ethiopia and Iran, among others. The status of Saudi Arabia is as yet unclear, but according to Peskov will be clarified during the course of the summit.

Turkey is to participate as an interested party.

Among those present on Tuesday were Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.

Putin speaks with Xi about Ukraine

Putin and Xi discussed the war in Ukraine and relations with the West at length on the first day of the BRICS summit, the Kremlin said.

"Since they are attacking both our interests and China's interests, there were topics for discussion," said Peskov said on Russian television, speaking of Western states.

He added that Moscow and Beijing have a similar view of and approach to international politics.

China officially maintains a neutral stance in the Ukraine war and recognizes the country's territorial integrity.

However, it has never criticized Moscow for the invasion and has massively expanded trade with its neighbour against the backdrop of Western sanctions, which is considered important for Russia's ability to continue fighting.

According to Chinese state television, Xi once again referred to Putin as his "old friend" and said China is looking forward to strengthening cooperation with other countries, particularly of the Global South, at the BRICS summit.

Modi used the occasion to reiterate his offer to mediate between Russia and Ukraine in an attempt to end the war, over two and a half years after Russia invaded its smaller neighbour.

Problems should be solved in a peaceful way, Modi said. India is in contact with all sides and is prepared to continue to "provide every kind of support" to end the war.

UN secretary general expected in Kazan

Putin is also set to hold talks with United Nations Secretary General António Guterres in Kazan about the crises in the Middle East and Ukraine, the Kremlin said.

The Ukrainian Foreign Ministry criticized Guterres's decision to visit Kazan, having declined Ukraine's invitation to the Global Peace Summit in Switzerland. In a post on X, it said: "This is a wrong choice that does not advance the cause of peace. It only damages the UN's reputation."

Guterres has visited both Russia and Ukraine since the start of the war in an attempt to achieve a peaceful resolution to the conflict.

Photo: EPA