RUSSIAN President Vladimir Putin today presided at the closing session of a summit of the Brics bloc, praising its role as a counterbalance to what he called the West’s “perverse methods.”

The three-day summit in the city of Kazan covered the deepening of financial co-operation, including the development of alternatives to Western-dominated payment systems, efforts to settle regional conflicts and the expansion of the Brics group of nations.

The alliance that initially included Brazil, Russia, India, China and South Africa when it was founded in 2009 has expanded to embrace Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia. 

The summit was attended by leaders or representatives of 36 countries. 

Speaking at the Brics Plus session, which included countries that are considering joining the bloc, Mr Putin accused the West of trying to stem the growing power of the global South with “illegal unilateral sanctions, blatant protectionism, manipulation of currency and stock markets, and relentless foreign influence ostensibly promoting democracy, human rights and the climate change agenda.”

Mr Putin said: “Such perverse methods and approaches — to put it bluntly — lead to the emergence of new conflicts and the aggravation of old disagreements. 

“One example of this is Ukraine, which is being used to create critical threats to Russia’s security, while ignoring our vital interests, our just concerns and the infringement of the rights of Russian-speaking people.”

Russia has specifically pushed for the creation of a new payment system that would offer an alternative to the United States-controlled Swift bank messaging network.

In a joint declaration on Wednesday, participants voiced concern about “the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions” and reiterated their commitment to enhancing financial co-operation within Brics. 

China’s President Xi Jinping emphasised the bloc’s role in ensuring global security, including peace in Ukraine.

He told today’s summit: “We should promote the de-escalation of the situation as soon as possible and pave the way for a political settlement.”