Trade between BRICS countries has now passed $1 trillion, and Russian President Vladimir Putin says that number keeps climbing.
Speaking on Friday at the St. Petersburg International Economic Forum, Putin told the crowd at the plenary session that BRICS is growing in economic weight. According to TASS, he said, “Mutual trade turnover between our countries has already exceeded $1 trillion and continues to grow.”
Putin pointed to last year’s BRICS summit in Kazan, where 35 nations took part, representing close to two-thirds of the global population and around half of global GDP. These countries, according to him, share the same outlook on where the world is going and how to get there.
BRICS nations are investing together in aviation, nuclear power, robotics, AI, IT, and new materials. And this isn’t a closed club. He said the group stays open to more members as long as they’re ready to work on shared goals.
Putin pushes BRICS as economic engine over Western models
Putin said BRICS now controls 40% of the world economy, and that share is only going up. He claimed, “It’s a medical fact,” while adding that most of the growth will come from the Global South. He stressed that the group is about consensus and parity, and claimed the more countries who join this kind of work, the more useful it will be for future generations. That’s his whole pitch: more participation, less Western control.
Before Putin even came onstage, forum guests were shown a video that painted a clear picture—America is falling, and BRICS is rising. The video showed the Hollywood sign on fire, symbolizing the US losing its global grip, while BRICS was portrayed as the new force in global development. That was the mood going into Putin’s speech, and it only got clearer when he took the mic.
The session started about 45 minutes late, but when it got going, the lineup was heavy. The moderator, Nadim Koteich, a Lebanese journalist, introduced the panel by saying its diversity proved Russia wasn’t isolated. Alongside Putin were Indonesian President Prabowo Subianto, Chinese Vice Premier Ding Xuexiang, Bahraini royal Nasser bin Hamad Al-Khalifa, and South African Deputy President Paul Mashatile.
Putin used the platform to talk up his domestic economy too. He said Russia’s GDP had grown faster than the global average despite what he called a “complex external environment.” He said the country was now depending less on oil and gas exports and more on countries like China and India, as part of a long-term shift away from fossil fuels.
Russia eyes structural changes while downplaying war economy
Putin said, “Our economy is higher in quality, more complex and multifaceted.” Then added that his government, along with local businesses and scientists, had already laid out a plan to support this transformation step by step. He didn’t bring up Ukraine, but did mention “tectonic changes” happening globally, including in the Middle East.
He didn’t skip over the risk of recession, either. “Some specialists and experts are pointing to the risks of stagnation or even a recession,” he warned. “This, of course, must not be allowed to happen under any circumstances.” That warning lines up with what top Russian officials have been saying all week. Economy Minister Maxim Reshetnikov and Sberbank CEO German Gref both flagged Russia’s 20% interest rate and nearly 10% inflation as problems weighing down growth.
Putin also tried to push back on the idea that defense spending is the main reason Russia’s economy hasn’t collapsed. He brought up “technological sovereignty” again, saying the country needed to keep developing without relying on the West. He said defense and civilian industries had to be more connected now.
The SPIEF forum, once known as the “Russian Davos,” used to host big names from Western businesses. But that era’s over. Since 2022, the event has been more about strengthening ties with Asia and Africa, while the West keeps its distance. Putin’s pivot is loud and intentional. His focus now is on countries that won’t touch sanctions and aren’t aligned with Washington.
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