Disillusionment in Kazan: Kremlin unimpressed with stagnant BRICS Summit results
High-ranking officials in the Russian government have expressed dissatisfaction with the outcomes of the recent BRICS summit held in Kazan.
The summit, hosted by Russia, concluded without achieving substantial progress, particularly in securing support from its allies against Western sanctions, reports the Russian Telegram channel "VChK-OGPU," which is known for its connections to Russia’s intelligence community.
The channel did not hold back, harshly describing the summit as a gathering of "septuagenarians" that ended predictably with no significant outcomes. Attempts to spin the results positively are disconnected from reality, the report argued, with no collective financial arrangements or meaningful backing shifts for the member countries.
It appeared more like an attempt by major national leaders to persuade Russian President Vladimir Putin that time is running out, and it's necessary to wind down the so-called special military operation, "SVO."
Meanwhile, the Russian economy seems to be cascading into a downturn. Right after the summit, the Russian Central Bank had to hike the key interest rate to 21% to curb inflation, with expectations of another increase by the end of December. The economy is overstretched, and stabilizing the national currency remains elusive.
The Central Bank of Russia can't halt inflation, and it has become apparent that banks are aggressively attracting deposits. What's the purpose? For instance, the Ministry of Finance has repeatedly failed to issue government bonds (OFZ) as there's little demand for them. The likelihood of forcibly converting deposits into "war bonds" grows.
The resource advises Russian citizens to prepare for the potential compulsory seizure of cash from the populace. If you believe a safety deposit box at the bank is secure, it may indeed have closer ties with someone in uniform.
Ultimately, the BRICS summit has been characterized as a publicity stunt for Russian dictator Vladimir Putin, with infrastructural preparations in Kazan costing federal and republic budgets 25 billion rubles ($260 million)—over half of the city's annual budget.