BRICS: Putin Warns of Global Financial Crisis

Joshua Ramos
Russian President Vladimir Putin BRICS
Source: /

Russian President, and prominent BRICS voice, Vladimir Putin has warned of an impending global financial crisis. Specifically, Putin referenced the “risks of a new global economic and financial crisis against the backdrop of an uncontrolled debt accumulation by developing countries.”

The statement was given at a recent virtual summit of the Shiangain Cooperation Organization (SCO) Heads of State Council that took place on Tuesday. Moreover, Putin stated that Russia is “being subjected to a hybrid war, with illegitimate anti-Russian sanctions that are unprecedented in scale.”

russia china xi putin flags
Source: Photograph by Li Tao / Xinhua / Getty

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Putin Warns of a Global Financial Crisis

The rising prominence of the BRICS bloc has been an undeniable story of the year so far. Subsequently, it has seen the countries of Brazil, Russia, India, China, and South Africa grow in hopes of challenging the global world order. Specifically, seeking to create an alliance worthy of challenging the long-held dominance of the West.

Now, in a recent statement, BRICS member and Russian President Vladimir Putin warned of an incoming global financial crisis. Indeed, Putin spoke at an SCO meeting with Chinese President Xi Jinping also in attendance, according to a recent report.

China Russia
Source – PBS

Putin noted that the SCO “is strongly committed to creating a truly just and multipolar world order—an order based on international law and common principles of mutually respectful cooperation between sovereign states.”

Also Read: Russia & China’s BRICS? South Africa, India, and Brazil Mere Players?

Moreover, Putin noted that the growth of BRICS and the SCO is necessary now, considering the current geopolitical climate. “This is especially important today when geopolitical discord grows bigger,” Putin stated. “The degradation of the international security system continues, [and] risks of a new global economic and financial crisis increase.”

Russia Warns of “Conflict Potential”

Source: Reuters

Additionally, Putin assured that he was speaking on “complex and diverse,” issues. Susbeuqnlety noted that their continued presence would potentially “lead to a significant increase in conflict potential.” Indeed, he stated that Russia has already been coping with these ongoing issues and challenges.

Also Read: Will South Africa Arrest Putin if He Attends BRICS Summit 2023?

“For a long time, external forces have been implementing a project near our borders to create from our neighbor, Ukraine,” he stated. “They funneled weapons into it for eight years, condoned aggression against the peaceful population of Donbass” while planting hateful ideals.

Later, Putin expressed that this was organized “to jeopardize Russia’s security and stifle our country’s development.” Then he said that it left the country vulnerable to sanctions that were “unprecedented in scale.”