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→Origins
The first summit of the BRICS nations was held in 2009 in Yekaterinberg, east of the [[Urals]] in the Russian Federation. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.
The first summit of the BRICS nations was held in 2009 in Yekaterinberg, east of the [[Urals]] in the Russian Federation. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.
==New model of development==
The BRICS model of development is based on the following principles:
*Reform the international financial architecture
"BRICS countries should lead the way in reforming the international financial system to reflect the changing global economy.
*Create an alternative finance system
:BRICS countries should create an alternative to the [[World Bank]] and [[International Monetary Fund]] (IMF) through the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA).
*[[De-dollarzation|Reduce reliance on the U.S. dollar]]
:BRICS countries should reduce their reliance on the U.S. dollar by increasing trade in local currencies or creating a common BRICS currency.
*Promote international cooperation
:BRICS countries should support international cooperation and focus on sustainable development.
*Strengthen people-to-people exchanges
:BRICS countries should promote closer people-to-people exchanges and enhance the exchange of governance experiences.
*Embrace diversity
:BRICS countries should promote the spirit of inclusiveness and harmonious coexistence among [[civilization]]s.
*Peaceful resolution of disputes
:BRICS countries should commit to the peaceful resolution of disputes through dialogue and consultation.
==Impact of Russian sanctions==
==Impact of Russian sanctions==