New Delhi: Russian President Vladimir Putin used the BRICS Business Forum in New Delhi to highlight what he described as the growing economic strength of the BRICS grouping, while sharply criticising Western sanctions against Russia.
Putin said Russia had faced more than 30,000 sanctions and restrictions, but argued that the pressure had failed to isolate the country or stop economic cooperation between Russia and other emerging economies. His remarks came as leaders of the expanded BRICS grouping gathered in New Delhi for the summit being hosted by India.
Putin Points To BRICS’ Growing Economic Weight
Putin argued that the global economy is undergoing a major transformation, with emerging economies gaining greater influence.
According to figures cited by the Russian president, BRICS countries now account for more than 40% of global GDP, while representing around half of the world’s population. Other assessments also show the expanded grouping has become a major economic force, with BRICS economies accounting for a larger share of global output than the G7 when measured at purchasing-power parity.
Putin also contrasted BRICS’ economic performance with that of the traditional Western-led economic groupings, arguing that the balance of global economic power is shifting toward Asia and other emerging markets.
‘30,000 Sanctions’ Against Russia
One of Putin’s strongest messages was directed at Western sanctions.
Russia has faced an extensive sanctions regime since its invasion of Ukraine, affecting its energy sector, banks, technology imports and access to Western markets. Putin argued that these measures had encouraged Russia to strengthen economic relationships with countries outside the traditional Western financial system.
The Russian economy has nevertheless faced significant pressures. Russia’s budget deficit rose to 2.8% of GDP during January-July 2026, while economic growth has slowed and inflation remains a concern. Putin has acknowledged the need to prevent the economy from overheating while bringing inflation down.
What About the 10.3% GDP Growth Claim?
Putin’s broader argument is that Russia and the BRICS economies have demonstrated resilience despite external pressure. Claims about a 10.3% GDP growth figure need to be viewed carefully, however, because growth figures can refer to different periods, sectors or cumulative comparisons rather than Russia’s annual GDP growth rate.
Recent economic data indicate that Russia’s economy has been under increasing pressure in 2026, making it important to distinguish between Putin’s political presentation of economic resilience and independent economic indicators. Reuters reported that Russia’s economy had slowed sharply, with the government also dealing with a growing budget deficit.
BRICS Wants More Financial Independence
A major theme emerging from the New Delhi summit is the desire among several BRICS members to reduce dependence on Western-controlled financial systems.
BRICS finance ministers and central bank governors have called for reforms of institutions such as the IMF and World Bank and have backed continued work on cross-border payment systems. The group is also examining ways to make payments between member countries more efficient and reduce dependence on traditional international payment channels.
For Russia and Iran in particular, this issue has become strategically important because both countries face extensive Western sanctions.
India Plays a Central Role
India’s position is particularly significant because New Delhi wants greater economic cooperation among emerging economies without turning BRICS into an explicitly anti-Western alliance.
Prime Minister Narendra Modi has emphasised dialogue, diplomacy and economic cooperation at the summit while maintaining India’s relationships with both Russia and Western countries. Modi and Putin also held bilateral talks before the summit, discussing energy, defence, trade and international conflicts.
India remains one of Russia’s most important energy customers, while the two countries are also seeking to increase bilateral trade to $100 billion by 2030.
Is BRICS Really Changing the Global Economy?
BRICS is certainly becoming more influential. The expanded group represents a huge share of the world’s population and a significant portion of global economic output. Its growing cooperation in trade, development finance, digital payments and local-currency transactions could gradually create alternatives to some Western-dominated financial mechanisms.
However, replacing the dollar or creating a unified BRICS financial system remains a much bigger challenge.
The bloc contains countries with very different economic structures and geopolitical priorities. India and China have their own strategic tensions, while Brazil and other members have generally been cautious about turning BRICS into a direct confrontation with the United States and Europe.
A New Multipolar Economic Order?
Putin’s message at the BRICS Forum reflects Russia’s broader strategy: use stronger relationships with India, China, Iran and other emerging economies to reduce the impact of Western economic pressure.
For BRICS, the opportunity goes beyond Russia. The grouping is increasingly presenting itself as a platform for the Global South, demanding a greater role in international financial institutions, trade and global decision-making.
The New Delhi summit could therefore mark another step toward a more multipolar global economy — one in which the United States and Europe remain powerful, but emerging economies have greater influence over trade, finance and international institutions.
Putin’s central message was clear: despite sanctions and geopolitical pressure, Russia believes the rise of BRICS demonstrates that the global economic balance is shifting — and that emerging economies are increasingly capable of shaping the next phase of the world economy.
