BRICS: Putin Calls for New Financial System, Slams U.S. Tariffs, Backs Multipolar Future
Fresh from a four-day trip to China, Russian President Vladimir Putin used the Shanghai Cooperation Organisation (SCO) summit to renew his call for a global reset.
The Russian leader said the time has come to abandon a system where one power dictates the rules and instead move toward what he described as a fairer, multipolar world order.
Russia’s Pitch for Balance
Putin argued that economic weight should not give any single country the authority to dominate politics or security. He pointed to the rise of India and China as proof that global influence can no longer be concentrated in one capital. Moscow, he reminded attendees, now sits among the top four economies by purchasing power parity, even under the pressure of Western sanctions.
A Swipe at Washington
The speech also took aim at the United States. Putin cited recent tariff hikes under President Trump, including a 50% levy on Indian imports and new duties on Indian purchases of Russian oil. Such moves, he suggested, expose the flaws of a “unipolar” approach that punishes rivals instead of encouraging cooperation.
Diplomacy With Beijing and Delhi
The SCO gathering followed what Putin described as a productive visit to China, where several agreements were signed and billed as “forward-looking.” He also disclosed that he had briefed Indian Prime Minister Narendra Modi on discussions he held with Trump in Alaska — a remark seemingly designed to underline Russia’s role as a key intermediary in global affairs.
The Broader Strategy
By tying his message to forums like BRICS and the SCO, Putin is working to frame Russia not as an isolated power under sanctions but as part of a larger movement challenging Western dominance. His multipolar vision, if realized, would tilt the balance of international influence toward Asia and emerging economies while further reducing reliance on Western institutions.
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Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
