This week, Russia hosts the 16th BRICS Summit in the southwestern city of Kazan, the first meeting since the original members - Brazil, Russia, India, China and South Africa - expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates.
As the IMF and World Bank convene in Washington, President Vladimir Putin has positioned the summit as proof of Russia's resilience under Western sanctions and a step towards reducing reliance on the U.S. dollar as the global reserve currency.
Few expect any serious move to advance dollar alternatives. The meeting, however, does present a counterweight to the West: BRICS represents 45% of the world’s population, and 37% of global GDP – which Putin noted last week, outpaces the 27% of the Group of Seven industrialized nations.
What does the BRICS summit say about Russian isolation? What effect have Western sanctions had on Russia’s economy? Will Russia succeed over the long-term in creating an alternative to the dollar, particularly as a platform for oil trading?
And what are the stakes for business in the expansion of this trading bloc?
The Call is delighted to host Sergey Aleksashenko, former Russian central banker, and board member of the Center for Analysis and Strategies in Europe (CASE).
(This episode was recorded on 10/24/24)

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