China harshly criticized Western sanctions on Russia and said they would lead to disaster.
The Brics Group of Emerging Economies will meet tomorrow for a virtual summit in the shadow of the war in Ukraine.
The Brics Group includes Brazil, Russia, India, China and South Africa.
Under the summit, both China and Russia have been critical of the West.
President of Russia Vladimir Putin said in a video message at the Brics Business Forum that the Brics countries are becoming increasingly important to Russia now that sanctions imposed on it by Western countries are driving it to increase its economic cooperation with other countries.
Putin said Russia has increased oil exports to China and India. In addition, Russia plans to increase imports of Chinese cars and attract Indian retail chains.
Putin also said the Brics countries are developing a common payment system. According to Putin, the Brics countries are also planning to establish their own common reserve currency.
President of China Xi Jinping in turn, criticized sanctions against Russia, saying they would lead to disaster.
– The facts have shown that sanctions are a double-edged sword, Xi said in his opening remarks at the Brics Business Forum.
Xi also criticized the expansion of military alliances, but did not specify whether he was referring to Finland’s and Sweden’s applications for NATO membership.