The Global Majority deserves a new, non-discriminatory financial system, the Russian president says

Russia and China are working together to strengthen the role of the BRICS economic bloc in shaping global affairs and to reform the international financial system so it cannot be used as an instrument of discrimination or neo-colonialism, President Vladimir Putin has said.

In an interview with Xinhua published ahead of his state visit to China, Putin hailed cooperation between Moscow and Beijing in multilateral formats such as the United Nations, the G20, and the Shanghai Cooperation Organisation (SCO) – and especially “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 BRICS members and the world at large,” the Russian president said.

READ MORE: Russia and China ‘united in our vision’ – Putin

According to Putin, Russia and China are committed to reforming the International Monetary Fund and the World Bank in order to create a “new financial system based on openness and true equity, providing equal and non-discriminatory access to its tools for all countries and reflecting the real standing of member states in the global economy.”

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.

The president noted that the two countries “share broad common interests and strikingly similar views on fundamental questions,” with a united vision of building “a just, multipolar world order, with a focus on the nations of the Global Majority.”

Putin’s official visit to China will take place from August 31 to September 3, beginning with his participation in the SCO summit in Tianjin, followed by Victory Day events in Beijing. He will hold talks with Xi Jinping, as well as the leader of another BRICS founding member, Indian Prime Minister Narendra Modi.

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BRICS is a key pillar of global architecture – Putin