Putin slams “outdated” globalisation as BRICS summit opens without him in Rio

In his remarks, Putin declared the liberal model of globalisation obsolete and called on BRICS countries to deepen cooperation across sectors such as trade, logistics, finance, and natural resources.

“The global economic model is shifting rapidly,” Putin said. “The liberal globalisation framework is becoming a thing of the past. Economic activity is moving toward developing markets, sparking a wave of growth – especially among BRICS countries.”

Putin argued that the dominance of a “unipolar system” favoring the so-called “golden billion” is being replaced by a fairer, multipolar order. He underlined that BRICS countries now account for 40% of global GDP, with a combined output of $77 trillion – significantly surpassing the G7’s estimated $57 trillion for 2025. He also highlighted that, by many indicators, BRICS has outpaced other global blocs economically.

Absences mark summit

Brazilian President Luiz Inácio Lula da Silva, this year’s host, opened the summit amid the notable absences of both Putin and Chinese President Xi Jinping – the first time Xi has missed the event since taking power in 2013. BRICS summits have been held annually since 2009, hosted by member countries on a rotating basis.

“We are witnessing an unprecedented collapse of multilateralism,” Lula said, adding that the current global climate represents the most difficult scenario under which Brazil has hosted a BRICS summit. He emphasized that BRICS must play a more active role in promoting peace and mediating in global crises.

In his remarks, Lula reiterated calls to reduce BRICS countries’ reliance on the US dollar in mutual trade – a long-standing proposal within the bloc. “I know it’s complicated. There are political issues,” he admitted, referencing US President Donald Trump’s threats to impose 100% tariffs on countries challenging dollar supremacy.

With Brazil set to host the COP30 UN climate summit in November, Lula expressed hope for a united BRICS stance on climate action. Artificial intelligence and global regulatory reform also feature on the summit agenda.

Caption: (L-R) Russian Foreign Minister, Sergei Lavrov, Abu Dhabi Crown Prince, Khalid bin Mohamed bin Zayed al-Nahyan, Indonesian President, Prabowo Subianto, South African President, Cyril Ramaphosa, Brazilian President, Luiz Inacio Lula da Silva, Indian Prime Minister, Narendra Modi, Chinese Prime Minister, Li Qiang, Ethiopian Prime Minister, Abiy Ahmed, Egyptian Prime Minister, Mostafa Madbouly, and Iranian Foreign Minister, Abbas Araghchi pose during the opening of the BRICS summit in Rio de Janeiro, Brazil, 06 July 2025. EPA/ANDRE COELHO

Updated: July 7, 2025 - 05:01