Putin takes swipe at G7

Russian President Vladimir Putin on Friday pitched a new investment platform to fund projects in trade, infrastructure, logistics and technology across BRICS, while stressing that the grouping’s expanding economic cooperation was not against anyone and aimed instead at advancing the national interests of its members.

He also took a swipe at the G7, questioning why the group is called the group of seven while highlighting the growing economic weight of BRICS countries. Speaking at the BRICS Business Forum, Putin said more than 40 per cent of the world’s GDP has been produced by BRICS countries over the last five years.

In contrast, he said, the contribution of the G7 stands at only 29 per cent.

Addressing the gathering of BRICS business leaders ahead of the summit, Putin said Russia was ready to work with partners on infrastructure and logistics projects, including the Arctic Transport Corridor and North-South Transport Corridor, as well as cooperation in technology, artificial intelligence, unmanned transport, finance, tourism and industry.

“We are not against anyone,” Putin said. “We are in favour of our interests,” while asserting that BRICS remained open to cooperation with the wider world. Putin said the proposed NDB-based investment platform would seek to mobilise private-sector funding and make BRICS economies more competitive. He expressed hope that other BRICS members would support the initiative.

“We need funding,” Putin said, adding that the NDB was already doing significant work but could provide the basis for a broader investment mechanism.

BRICS members have been exploring ways to increase development financing, infrastructure investment and the use of local financial resources while reducing dependence on traditional Western-led financial institutions.

The proposal came as Putin highlighted what he described as a major shift in the global economic balance towards BRICS economies. He said more than 40 per cent of global GDP had been produced by BRICS countries over the past five years, compared with 29 per cent for the G7, while BRICS accounted for more than half of global economic growth during the period.

“The world is always changing,” he said, arguing that the economic weight of the traditional growth centres of the second half of the 20th century was being replaced by new engines of growth.

The Russian President framed the expanding BRICS economic architecture as an effort to advance national interests rather than exclude other countries.

He argued that cooperation among governments, businesses and academia was helping BRICS build a resilient platform for global growth based on innovation and national priorities.

“The most important elements of this growth are not being imposed on anyone from the outside,” Putin said.

Putin cited Indian company Mahindra as one of several BRICS corporate success stories, highlighting its work in IT and artificial intelligence alongside China’s Huawei, Brazil’s Embraer, UAE-based TPO and Russia’s Rosatom.

He said the rise of national companies across BRICS reflected the strength of the grouping’s large domestic markets, rapid urbanisation and expanding technological capabilities.

Putin said Russia itself was pursuing large-scale technological innovation in areas including AI, autonomous systems, digital platforms and financial technology, relying on domestic solutions as well as technologies developed with BRICS partners.

The Russian President, who is on a three-day visit to India, placed infrastructure and logistics at the centre of his call for deeper business-to-business ties, saying stronger economic partnerships would help BRICS countries build more resilient economic relationships.

He identified the Arctic Transport Corridor and the North-South Transport Corridor as key areas where Russia could work with partners, alongside efforts to strengthen energy and food security.

Russia, he said, had established a national committee for business cooperation comprising more than 40 major Russian companies to develop substantive programmes with foreign partners.

Putin rejected the idea that Russia or BRICS was seeking economic isolation, saying Moscow was ready to cooperate with both existing and new partners.

“We are open to working with the whole world,” he said, adding that the BRICS Business Council could provide additional momentum to trade and economic ties and help advance projects in infrastructure, logistics, finance and technological cooperation.

At the same time, Putin sharply criticised sanctions and other restrictions, arguing that competition was increasingly taking forms that included trade restrictions, pressure on transport routes and secondary sanctions.

He criticised Western trade and financial restrictions, saying competition was increasingly taking “ugly forms” at both corporate and state levels.

Citing pipeline disruptions, attempts to block international transport corridors, seizures of maritime vessels and the use of secondary sanctions, he claimed Russia had faced more than 30,000 sanctions. He said Russia had responded by changing the geography of its foreign trade and making its economy more resilient and agile.