"As the China-Russia relationship is garnering momentum, India's relationship with Russia is getting affected. Yet, India is also the lynchpin of the U.S.'s Indo-Pacific strategy, through which the Biden administration is trying to counter an increasingly assertive China across the Asia-Pacific. Estimates vary, but suggest about 60% to 85% of India's legacy defense equipment are Russian made. India and China share the world's longest disputed border.Ĭomplicating matters, India depends on Russian-supplied arms. India, a democracy, is locked in a standoff with China on its land border in the Himalayas. Thousands of troops from both sides remain deployed on the highest battlefields in the world, in rugged terrain and icy temperatures. India's contrast with China could not be sharper.Īlthough their policy on the Ukraine war is similar, India and China operate under vastly divergent worldviews. The odd man out at this edition of the BRICS summit, India is in a bind, constrained by its near-total dependency on Russian arms and its growing ideological and political closeness to the U.S.
India, however, would balk at a China-led security framework. dollar, according to a Russian news magazine, Russia Briefing. In April, Siluanov urged BRICS to arrange trade settlements in their respective currencies and to avoid the use of the U.S. He called on BRICS to work together to stabilize the economic situation. In previous meetings, BRICS countries have discussed such a move.Įarlier this month, Russian Finance Minister Anton Siluanov warned that sanctions could cause "global stagflation" and a food crisis. Russia, which has been expelled from the SWIFT international bank transfer system, is keen to forge a move away from the dollar, which it sees as the means to U.S. Last month, Russia's TASS news agency reported that Russian Industry Minister Denis Manturov said this would help reduce the bloc's dependence on energy supplies from "unreliable partners." Both China and India, the second and seventh largest economies, respectively, have also increased trade with Russia despite international sanctions on Moscow.Īt the group's 14th annual meeting, Putin may call on BRICS to establish joint oil and gas refining facilities with Russia.
None of the members have condemned Russia's invasion. In January 2022 India hand over the BRICS Chairmanship to China. The main focus of the meeting was to prepare the ground for the 14th BRICS summit. South Africa’s Minister of International Relations Grace Naledi Pandor. The group sees itself as a voice for developing countries. Chinese Foreign Minister Wang Yi, Brazilian Foreign Minister Carlos Alberto Franco França, Russia’s Sergey Lavrov and. BRICS, an acronym for a grouping comprising Brazil, Russia, India, China and South Africa, was conceived in 2006 and held its initial summit meeting in Russia in 2009.
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