A summit of the BRICS countries held in Kazan, Russia, in October was a slap in the face for Western nations that imposed sanctions on Russia, according to Andrei Kostin, CEO of Russia’s second-largest lender, VTB.
The summit, attended by 23 leaders, was a significant statement, even a slap in the face, to the Americans, said Kostin. The fact that there is support for Russian initiatives and a rejection of U.S. policies is a notable outcome.
Kostin believes the summit was beneficial for Russia, and there will be further steps taken as a result. He emphasized that it is important not to relax and that Western sanctions on Russia did not work because there were dozens of countries willing to work with Moscow, including China, India, and Turkey.