- By Shivangi Sharma
- Sun, 31 Aug 2025 04:48 PM (IST)
- Source:JND
Russian President Vladimir Putin criticised “discriminatory sanctions” and tariff threats that he said hinder the socioeconomic development of BRICS nations. His remarks came in an interview with China’s state-run Xinhua news agency ahead of the Shanghai Cooperation Organisation (SCO) summit in Tianjin on August 31, 2025. Putin noted that both Russia and China are aligned in their opposition to punitive economic measures that restrict growth. “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,” he told Xinhua.
His statement followed recent warnings from Trump about imposing 10 per cent tariffs on BRICS countries, which include Brazil, Russia, India, China, and South Africa, along with new members Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE.
Reforming Global Financial Order
The Russian leader further argued that financial systems such as the International Monetary Fund (IMF) and World Bank need reform to provide equal access to all nations. Criticising the use of financial tools as instruments of “neo-colonialism,” he said, “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.”
Putin stressed that Russia and China are jointly working to mobilise resources for critical infrastructure projects and expanding BRICS’ role as a pillar of global governance.
Russia-China Ties Deepen
Highlighting growing bilateral ties, Putin called Chinese President Xi Jinping’s visit to Moscow in May a “resounding success” and symbolic of strengthening cooperation. He confirmed that he would travel to China at Xi’s invitation, reaffirming the two countries’ commitment to “good-neighbourliness, friendship, and long-term, mutually beneficial cooperation.”
India-China Reset
The summit also witnessed a thaw in India-China relations. President Xi told Prime Minister Narendra Modi that the two nations should be “partners, not rivals,” while Modi stressed that an “atmosphere of peace and stability” now prevailed between them. Modi further announced the resumption of direct flights between India and China, suspended since deadly border clashes in 2020, though no timeline was provided.
The SCO summit, attended by over 20 world leaders, has been dominated by escalating US trade tensions. Against this backdrop, Russia and China are presenting BRICS as a counterweight to Western-led institutions, while India’s growing engagement with Beijing signals a shift as US-India relations face new strains.