‘Fairer multipolar world order’: Vladimir Putin says Russia-China united against ‘discriminatory sanctions’ as BRICS faces US tariff heat

Putin told China’s state-run Xinhua that Moscow and Beijing support overhauling the IMF and World Bank to build a financial system rooted in “openness and true equity.”

Tianjin: Russia and China have taken a common stand against "discriminatory sanctions" that hinder the socioeconomic development of BRICS member countries, Russian President Vladimir Putin has said.

Putin, who arrived here to attend the Shanghai Cooperation (SCO) summit, made the remarks in an interview with China’s state-run Xinhua news agency.

He said that Russia and China are paying special attention to mobilising additional resources for critical infrastructure projects, and stand united in strengthening BRICS' ability to address pressing global challenges.

The Russian president said that Moscow and Beijing take a "common stand against discriminatory sanctions that hinder the socioeconomic development" of BRICS members and the world at large.

Putin's remarks came in the backdrop of US President Donald Trump threatening the member countries of BRICS with 10 per cent tariffs.

BRICS is an intergovernmental organisation comprising Brazil, Russia, India, China and South Africa. Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates have joined BRICS as its new members.

Prime Minister Narendra Modi is due to meet Putin on the sidelines of the SCO summit being held here from Sunday to Monday.

In the written interview with Xinhua, Putin said Russia and China support reforming the International Monetary Fund and the World Bank.

He added that the two sides share the view that a new financial system must be built on the principles of "openness and true equity", which can provide equal and non-discriminatory access to its tools for all countries and reflect the real standing of member states in the global economy.

"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," he said.

Besides attending the summit and holding talks with Chinese President Xi Jinping, Putin will also attend China’s V-Day parade to commemorate the 80th anniversary of its victory against Japan in WWII.

He hoped that the SCO Tianjin Summit will inject powerful new momentum into the 10-member organisation and strengthen its capacity to respond to contemporary challenges and threats, and consolidate solidarity across the shared Eurasian space.

"All this will help shape a fairer multipolar world order," he said.

The SCO's appeal lies in its simple but powerful principles: a firm commitment to its founding philosophy, openness to equal cooperation, not targeting third parties, and respect for the national characteristics and uniqueness of each nation, he said.

"Drawing on these values, the SCO contributes to shaping a fairer, multipolar world order, grounded in international law, with the central coordinating role of the United Nations," he said.

"I am confident that, through our joint efforts, we will give the SCO new momentum, modernising it to meet the demands of the time," he said.