BRICS Summit in Kazan

MOSCOW (Reuters) – A summit of the BRICS countries held in the Russian city of Kazan in October was seen as a setback for Western nations that imposed sanctions on Russia, according to Andrei Kostin, CEO of Russia's second-largest lender, VTB.

Kostin noted, "Twenty-three leaders came to Kazan for the BRICS summit. This is a certain statement, even a slap in the face to the Americans. It is significant that there is support for Russian initiatives and a rejection of U.S. policies."

He emphasized the summit's benefits for Russia, stating, "I think the summit was beneficial for Russia, and there will be further steps; it is important not to relax."

Kostin asserted that Western sanctions did not hinder Russia's cooperation with other nations, highlighting that there are "dozens" of countries, including China, India, and Turkey, willing to collaborate with Moscow.