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Western sanctions are "weaponizing" the world economy, China's Xi Jinping told the BRICS Summit

Hong Kong (CNN)Chinese leader Xi Jinping makes a pointed speech and virtualizes with the leaders of major emerging economies. On Wednesday night, when the summit was in good shape, he accused sanctions of "weaponing" the global economy and urged unity in the face of financial difficulties.

Prior to Thursday's virtual summit, Xi spoke at a business forum with leaders from the BRICS economies of Brazil, Russia, India, China and South Africa, telling the world that she is a new "security". Among what we called "challenge," an important milestone that made it difficult to recover from a pandemic.

"The tragedy of the past teaches us that hegemony, collective politics, and collective conflict do not bring peace or security. They only lead to war and conflict," he said in the video. Said via the link.

"The Ukrainian crisis is another awakening call for all in the world, reminiscent of the blind belief in the so-called" position of power "and expanding the military alliance. , Trying to seek their own safety. The expense of others only falls into the security dilemma. "

He also aimed at Western sanctions, saying that such penalties were "harmful to the people of the world" and "double-edged swords", armed with the world economy. ..

Instead, countries should "accept solidarity and coordination" while promoting China's new development and security initiatives as a blueprint.

Comments provide insight into China's priorities for hosting the annual BRICS Summit. This is a virtual event in Beijing where Russian President Vladimir Putin met for the first time in a forum with major world economic leaders since the invasion. Ukrainian earlier this year.

According to the Kremlin records, President Putin in his own video speech at the event on Wednesday, Russia "directed" its trade flow to BRICS countries and other "trusted international partners." He said he was doing it.

He also said that "politically motivated sanctions" and "mechanisms that put pressure on competitors" undermine global business and "contrary to common sense and basic economic logic." He pushed back Western economic behavior.

Sanctions were an important tool used by the Western government and its allies against Russia following a provocative invasion of Ukraine.War crimes against Ukrainian citizens.

The war in Ukraine casts a shadow over the 14th summit since Brock was founded in 2009 as a means of "serving the common interests of emerging market economies and developing countries." Is expected.

However, the crisis and western sanctions rafts can also give momentum to certain issues that the group has long discussed, such as facilitating trade settlements outside the US dollar system. Currently, Russian institutions are severely restricted.

Putin raised this possibility in his remarks on Wednesday, with BRICS partners "developing a reliable alternative mechanism for international payments" and "creating an international reserve currency based on a basket of BRICS currencies." We are exploring the possibility of doing so. "

But how the whole block will wholeheartedly embrace key initiatives, such as the transition from the dollar system at Thursday's summit and a drastic statement in a statement condemning Western sanctions. Still do not know.

BRICS leaders have avoided blaming Russia altogether, but have not seen any support for its actions or close cooperation with Russia, and have been found in the West. I have different levels of interest in fouling my friends.

The difference in tone was revealed in a speech by each leader at the forum on Wednesday night, an event for business leaders for the bystanders of the summit.

India's Prime Minister Narendra Modi, at the video address, focused on the forum itself and his expectations of facilitating interaction between startups. South African President Cyril Ramaphosa has focused on issues such as poverty, inequality, access to vaccines, trade and investment, according to government records.

Brazil's Jair Bolsonaro, in the face of global economic risks, said his country is open to further economic integration, according to Brazil's national news agency.