Putin slams discriminatory sanctions, calls for BRICS unity before SCO summit

Russian President Vladimir Putin, ahead of the SCO summit in China, has said that Moscow and Beijing stand united in strengthening BRICS’s ability to take a common stand against “discriminatory sanctions” that obstruct the development of BRICS members.

Putin’s comment comes at a time when India is actively boosting its ties with Russia and China amid the row over tariffs imposed by US President Donald Trump, including the 25 per cent retaliatory tariffs on India for purchasing Russian oil. Trump has claimed that Russia was using the revenue from India’s oil purchase to fund its war in Ukraine.

Prime Minister Narendra Modi on Saturday (August 30) left for China to attend the SCO summit after concluding his visit to Japan.

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Finance as 'instrument of neo-colonialism'

Putin, in an interview with Xinhua, also said that Russia was working with China within BRICS to expand its role as a key pillar of global architecture.

“We stand united in strengthening BRICS' ability to address pressing global challenges, share similar views on regional and international security, and take a common stand against discriminatory sanctions that hinder the socioeconomic development of our members and the world at large,” said Putin as quoted by Xinhua.

Putin, in an apparent reference to Trump’s tariffs, said that it was necessary to stop the use of finance as an “instrument of neo-colonialism” that hurts the interests of the global majority.

“It is essential to end the use of finance as an instrument of neo-colonialism, which runs counter to the interests of the Global Majority. On the contrary, we seek progress for the benefit of all humanity. I am confident that Russia and China will continue to work together towards this noble goal, aligning our efforts to ensure the prosperity of our great nations,” said Putin.

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‘Russia leading oil exporter to China’

The Russian President also said that his country has retained the position of a “leading exporter of oil and gas” to China, contradicting Trump’s claim that India was the largest buyer of Russian oil.

Pointing out that since 2021, bilateral trade between China and Russia has grown by about USD 100 billion, Putin said that China is by far Russia's leading partner, while last year, Russia ranked fifth among China's foreign trade partners.

“I would stress that while trade figures are denominated in US dollar equivalents, transactions between Russia and China are carried out in rubles and yuan, with the dollar or euro share reduced to a statistical discrepancy,” added Putin.

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On SCO summit

As for the SCO summit, Putin said that Russia was hopeful that it would provide the grouping with enhanced capacity to respond to contemporary challenges and threats.

“We expect that the summit will give the Organisation powerful new momentum, strengthen its capacity to respond to contemporary challenges and threats, and consolidate solidarity across our shared Eurasian space. All this will help shape a fairer multipolar world order,” added Putin.