World EconomyBRICS to erect fencing against West sanctionsThe Kazan Declaration, adopted by the BRICS nations at their 16th summit under Russia’s chairmanship, expressed concern about the “disruptive effect of unlawful unilateral coercive measures, including illegal sanctions” on the world economy, international trade, and the achievement of the Sustainable Development Goals. It stated that such measures undermine the UN Charter and the multilateral trading system, while also negatively impacting economic growth, energy, health, and food security. According to sources, BRICS chair Russia proposed an economic “fencing” mechanism against unilateral Western sanctions to safeguard BRICS nations from economic disruption. Sources said there was no opposition to the proposal, and Russia has offered to prepare a concept note for consideration and adoption by all member countries at the next summit in Brazil in 2025. The note on economic fencing is likely to be circulated among BRICS nations “within a month or two,” sources indicated. This proposal has not been included in the Kazan Declaration.
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