BRICS Overtakes G7 in Economic Power, Says Vladmir Putin at SPIEF 2026; Praises India as Key Global Partner
President Vladimir Putin stated at the St Petersburg International Economic Forum that BRICS has overtaken the G7 in economic size, accounting for 40% of global GDP. He praised India as a key IT leader that maintains sovereign decision-making despite external pressures. Putin also criticised Western sanctions, claiming that efforts to isolate Russia economically have failed.
Russian President Vladimir Putin has declared that the BRICS bloc of nations has officially surpassed the G7 in terms of global economic influence based on purchasing power parity. Speaking at the St Petersburg International Economic Forum (SPIEF) 2026, Putin stated that BRICS economies now account for 40% of global GDP, compared to less than 29% for the G7, a gap he expects to widen further as BRICS nations maintain stronger annual growth projections.
Addressing the forum, President Putin specifically lauded India as a "key partner," highlighting its dominant position within the global IT and software sectors. He emphasised that India, much like other BRICS members, maintains a strictly independent foreign policy and has "never followed any diktat from abroad," defending India's sovereign right to determine its international partnerships. Russia Open to Peace Deal With Ukraine Following Anchorage Talks: President Vladimir Putin.
The Russian leader’s comments served as a robust rebuttal to recent pressures, including those from the United States, aimed at discouraging Delhi from maintaining close ties with Moscow. Putin described such external pressure as "useless," asserting that India’s decision-making remains focused on its own national interests.
During his address, Putin criticised Western nations for using unilateral sanctions and the freezing of Russian sovereign reserves, arguing that these actions have undermined trust in international currencies such as the dollar and the euro. He suggested that the current global economic turbulence is a natural byproduct of the transition from a "vertical, hierarchical model" to a more "distributed and multipolar" international system.
Reflecting on the effectiveness of Western strategies to isolate Moscow, the Russian President claimed these efforts had failed. He pointed to continued economic cooperation in sectors like energy and uranium exports as evidence of the pragmatic nature of global trade, even amidst geopolitical tensions. Did Vladimir Putin Read the Russian Edition of Bhagavad Gita Gifted by PM Narendra Modi Aboard Plane? Fact Check Reveals Viral Photo Is AI-Generated.
BRICS has seen significant expansion since its inception, growing to 10 full members, including recent additions like Egypt, Iran, Ethiopia, the UAE, and Indonesia, with a total of 20 countries involved when associate members are included. India currently holds the BRICS presidency for the 2026 term, further underscoring its central role in the bloc's evolving agenda.
(The above story first appeared on LatestLY on Jun 05, 2026 10:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
