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News18
3 days ago
- Business
- News18
Why Is Moscow Pushing To Revive The Russia-India-China Troika Now?
Last Updated: Moscow has renewed its call to revive the Russia-India-China trilateral, dormant since the 2020 Galwan clash. But its timing and what it stands to gain tell a bigger story THE BIG PICTURE For the first time since 2020, Russia has openly called for reviving the Russia-India-China (RIC) trilateral format. Russian Foreign Minister Sergey Lavrov, speaking at a security conference in Eurasia in the city of Perm on May 29, said the 'time has come" to restart RIC meetings, adding that, in his view, India and China have reached an understanding on easing border tensions. 'I would like to confirm our genuine interest in the earliest resumption of the work within the format of the troika — Russia, India, China — which was established many years ago on the initiative of (ex-Russian prime minister) Yevgeny Primakov, and which has organised meetings more than 20 times at the ministerial level since then, not only at the level of foreign policy chiefs, but also the heads of other economic, trade and financial agencies of the three countries," Lavrov was quoted as saying by TASS. Big Statement by Russian FM Sergey Lavrov says 'it seems to me that the time has come to revive this Russia, India & China Troika" — Siddhant Mishra (@siddhantvm) May 30, 2025 The RIC platform, originally launched in the late 1990s, has remained dormant since the deadly Galwan clashes between Indian and Chinese troops in June 2020. While Russia had hinted at trilateral engagement during the BRICS Summit in Kazan in 2024, Lavrov's latest pitch marks the most explicit call to formally revive the RIC mechanism since Galwan. Lavrov's renewed pitch signals much more than just a procedural revival — it reflects Moscow's shifting diplomatic calculus amid changing global alignments. So, why now? What is driving Russia's push? And where does India fit into this strategic triangle? Here's a detailed look. The RIC grouping was first proposed by former Russian Prime Minister Yevgeny Primakov as part of Moscow's vision for a multipolar world order. Over the years, it has convened more than 20 times at various levels, bringing together foreign ministers, trade officials, economic agencies, and security experts from the three Asian powers to foster dialogue on a range of issues. However, after the Galwan clash led to a sharp deterioration in India-China relations, the platform effectively went dormant. WHY IS RUSSIA PUSHING NOW? A Tentative Thaw Between India and China The primary obstacle to RIC's functioning has always been India-China tensions. However, the meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping at the BRICS Summit in Kazan (October 2024) marked a significant shift. The two leaders reached an understanding aimed at easing the border standoff along the Line of Actual Control, which had remained a major flashpoint since the 2020 Galwan clash. The widely circulated handshake between Modi and Xi was also seen as a public signal of improving ties. Russia sees this tentative easing of tensions as an opening to revive RIC, hoping that both Delhi and Beijing may now be more receptive to moderated dialogue under Moscow's watch. Russia's Growing Anxiety Over India's Western Alignment Since Galwan, India has steadily deepened its ties with the United States, Japan, Australia — particularly through the Quad — as well as newer groupings like I2U2 and multiple Western defence partnerships. This growing alignment with Western powers, especially in defence, technology, and supply chain domains, has deepened Moscow's anxieties about India drifting further into the Western camp. For Russia, reviving RIC offers a way to keep India engaged within a non-Western multilateral space, while allowing Moscow to retain its role as a balancing player between its two key Asian partners. The NATO Factor: A Direct Warning Lavrov directly accused NATO of attempting to 'lure India into anti-China intrigues", describing it as a 'large provocation" that India is fully aware of. This is one of Russia's clearest acknowledgements of how it views NATO's expanding interest in the Indo-Pacific region and India's growing engagement with Western security groupings. Through RIC, Moscow is signalling its desire to keep India engaged in Eurasian multilateralism and prevent it from being drawn too deeply into the US-China competition. The Ukraine war and sweeping Western sanctions have pushed Russia to deepen its engagement across Asia. However, as Moscow's economic and diplomatic dependence on China has grown, so too have its long-term strategic concerns about being overly reliant on Beijing. By seeking to revive RIC, Russia is attempting to balance its Asian partnerships, maintain diplomatic space with India, and continue projecting itself as an independent power centre within the evolving Eurasian order. With India's growing global profile and China's rise, Russia risks being increasingly sidelined in Asia's strategic balance. The revival of RIC allows Moscow to project continued relevance as a power capable of influencing dialogue between Asia's two major players. It also aligns with Russia's broader vision of strengthening non-Western institutions that can serve as alternatives to Western-led alliances. WHAT'S AT STAKE FOR INDIA? For India, this renewed Russian pitch presents both opportunities and challenges. While New Delhi maintains strong historical ties with Moscow, deep distrust persists with China due to unresolved border disputes. India's foreign policy rests on its ability to maintain strategic autonomy, avoiding being locked into any single camp, whether Western or non-Western. If RIC discussions are revived, India could engage while continuing to maintain its partnerships with the United States, Quad members, and other emerging alliances. THE BOTTOM LINE Lavrov's call to revive RIC is about more than simply restarting old meetings. It reflects Russia's broader effort to navigate shifting global alignments, counterbalance growing Western influence in Asia, and reassert its diplomatic weight as a Eurasian power broker. For India, the revival of RIC is another test of its ability to walk the tightrope between multiple global partnerships, unresolved regional tensions, and its long-standing pursuit of strategic autonomy. About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk More Watch India Pakistan Breaking News on CNN-News18. Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : galwan clashes india russia china Sergey Lavrov Location : New Delhi, India, India First Published: May 30, 2025, 15:25 IST News explainers Why Is Moscow Pushing To Revive The Russia-India-China Troika Now?
IOL News
6 days ago
- Business
- IOL News
BRICS Plus: The Emerging Alternative to Western Economic Dominance
Officials attend a BRICS Plus plenary session in Kazan, Russia on October 24, 2024. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters, says the writer. Image: AFP Djoomart Otorbaev The US administration's economic decisions have wreaked havoc on world markets. President Donald Trump's approval rating for the first 100 days stood at 44 per cent, lower than all his predecessors and even lower than his rating during the first 100 days of his first term. The anticipated "golden age of America" has yet to materialize, and many US citizens doubt the effectiveness of the trade war supposedly initiated for the nation's future prosperity, instead, they anxiously anticipate and fear inflation. During this period, however, Trump has not overlooked BRICS. At a White House news conference and in his social media posts, he has repeatedly made a startling claim that the BRICS Plus nations would incur 100-percent tariffs if they created a single currency to challenge the dollar, even though no BRICS Plus nation has proposed such an idea. Despite concerns surrounding its organization, the previous BRICS Summit held in Kazan, Russia, in October 2024, proved to be a notable success. Nearly all leaders from the original five BRICS nations — Brazil, Russia, India, China and South Africa — and the presidents of the four new member countries, Egypt, Ethiopia, Iran and the United Arab Emirates, attended. The only exception was Brazilian President Luiz Inácio Lula da Silva, who could not attend due to illness. Following the summit, Indonesia officially joined as the bloc's newest member in January 2025. Additionally, nine more nations, including Kazakhstan and Uzbekistan, were recognized as "partner countries". Many analysts hailed the expansion of the coalition as a significant turning point, signalling the emergence of a post-Western world order where Global South nations collaborate to address their challenges together. Given the participant composition, a more powerful BRICS Plus has the potential to emerge as a central geopolitical and geoeconomic entity. The member states of BRICS Plus represent roughly 45 per cent of the global population and contribute over 35 per cent of the world's GDP based on purchasing power parity. Collaboration within the bloc is swiftly becoming institutionalized, with multinational partnerships and working groups actively addressing shared interests such as energy security, technology advancement, health, climate change and sustainable growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The New Development Bank, founded in 2015 with an initial subscribed capital of $50 billion, and the Contingent Reserve Arrangement — a 2014 agreement among BRICS Plus' central banks for mutual support during unexpected currency crises, which has funding of $100 billion — are effectively structured and in operation. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters. The organization operates within a well-defined framework based on three pillars: economics and finance, politics and security, and cultural and people-to-people exchanges. These pillars align with the strategic priorities of the member nations, including economic development, security, narrative and normative influence and with Beijing's three global initiatives concerning security, development and civilization. As BRICS Plus continues to follow its previously established decisions, the new strategies of the US administration and conflicts within the Western world will impact the bloc's actions. With the tensions and disagreements within the G20, the United Nations, and even the G7, the rise of the grouping has triggered President Trump's aggressive approach toward BRICS Plus. The growing tensions between China and the US, along with President Trump's aggressive approach toward BRICS Plus, suggest the possibility of a confrontational dynamic. The future of BRICS Plus is influenced by the actions of the US and Europe. These actions will determine whether the bloc will strive for geopolitical neutrality or seek to establish an alternative political and economic framework, potentially impervious to Western sanctions. BRICS Plus has the potential to serve as a model and a substantial alternative to Western international cooperation, prioritizing equality and consensus-driven decision-making. However, the increasing number of member nations complicates the decision-making process. Under these circumstances, BRICS should make more effort in upholding unity through shared goals and constructive engagement given the varied interests of its members. Several influential BRICS Plus nations are working to lessen the global financial system's and markets' reliance on Western institutions. The US administration's aggressive tariff and sanctions policies have intensified the necessity to enhance instruments such as the NDB and the BRICS Plus national currency pool, which are intended to be immune to sanctions.
IOL News
6 days ago
- Business
- IOL News
BRICS Plus: The Emerging Alternative to Western Economic Dominance
Officials attend a BRICS Plus plenary session in Kazan, Russia on October 24, 2024. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters, says the writer. Image: AFP Djoomart Otorbaev The US administration's economic decisions have wreaked havoc on world markets. President Donald Trump's approval rating for the first 100 days stood at 44 per cent, lower than all his predecessors and even lower than his rating during the first 100 days of his first term. The anticipated "golden age of America" has yet to materialize, and many US citizens doubt the effectiveness of the trade war supposedly initiated for the nation's future prosperity, instead, they anxiously anticipate and fear inflation. During this period, however, Trump has not overlooked BRICS. At a White House news conference and in his social media posts, he has repeatedly made a startling claim that the BRICS Plus nations would incur 100-percent tariffs if they created a single currency to challenge the dollar, even though no BRICS Plus nation has proposed such an idea. Despite concerns surrounding its organization, the previous BRICS Summit held in Kazan, Russia, in October 2024, proved to be a notable success. Nearly all leaders from the original five BRICS nations — Brazil, Russia, India, China and South Africa — and the presidents of the four new member countries, Egypt, Ethiopia, Iran and the United Arab Emirates, attended. The only exception was Brazilian President Luiz Inácio Lula da Silva, who could not attend due to illness. Following the summit, Indonesia officially joined as the bloc's newest member in January 2025. Additionally, nine more nations, including Kazakhstan and Uzbekistan, were recognized as "partner countries". Many analysts hailed the expansion of the coalition as a significant turning point, signalling the emergence of a post-Western world order where Global South nations collaborate to address their challenges together. Given the participant composition, a more powerful BRICS Plus has the potential to emerge as a central geopolitical and geoeconomic entity. The member states of BRICS Plus represent roughly 45 per cent of the global population and contribute over 35 per cent of the world's GDP based on purchasing power parity. Collaboration within the bloc is swiftly becoming institutionalized, with multinational partnerships and working groups actively addressing shared interests such as energy security, technology advancement, health, climate change and sustainable growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The New Development Bank, founded in 2015 with an initial subscribed capital of $50 billion, and the Contingent Reserve Arrangement — a 2014 agreement among BRICS Plus' central banks for mutual support during unexpected currency crises, which has funding of $100 billion — are effectively structured and in operation. Since its inception, BRICS Plus has transitioned from focusing primarily on economic and trade collaboration to addressing political and security matters. The organization operates within a well-defined framework based on three pillars: economics and finance, politics and security, and cultural and people-to-people exchanges. These pillars align with the strategic priorities of the member nations, including economic development, security, narrative and normative influence and with Beijing's three global initiatives concerning security, development and civilization. As BRICS Plus continues to follow its previously established decisions, the new strategies of the US administration and conflicts within the Western world will impact the bloc's actions. With the tensions and disagreements within the G20, the United Nations, and even the G7, the rise of the grouping has triggered President Trump's aggressive approach toward BRICS Plus. The growing tensions between China and the US, along with President Trump's aggressive approach toward BRICS Plus, suggest the possibility of a confrontational dynamic. The future of BRICS Plus is influenced by the actions of the US and Europe. These actions will determine whether the bloc will strive for geopolitical neutrality or seek to establish an alternative political and economic framework, potentially impervious to Western sanctions. BRICS Plus has the potential to serve as a model and a substantial alternative to Western international cooperation, prioritizing equality and consensus-driven decision-making. However, the increasing number of member nations complicates the decision-making process. Under these circumstances, BRICS should make more effort in upholding unity through shared goals and constructive engagement given the varied interests of its members. Several influential BRICS Plus nations are working to lessen the global financial system's and markets' reliance on Western institutions. The US administration's aggressive tariff and sanctions policies have intensified the necessity to enhance instruments such as the NDB and the BRICS Plus national currency pool, which are intended to be immune to sanctions.
Business Standard
23-05-2025
- Business
- Business Standard
Relcko and CEO Dr. Satish Kumar Seena honoured at India-Russia Economic Summit in Moscow
PNN Moscow [Russia], May 23: At a momentous founding event for global business and digital technology, Relcko, a pioneering blockchain startup & visionary CEO Dr. Satish Kumar Seena, were given recognition at the India-Russia Economic Summit 2025. This magnificent ceremony took place on the Russian Victory Day Parade and BRICS Summit before evening guests. Dr Seena was awarded the Global Leader Award 2025 for his standout contribution to blockchain technology and international business networking. A Summit of Great Proportions The India-Russia Economic Summit 2025 took place in Moscow and Saint Petersburg, where Policymakers, industry experts, and innovators from both countries merrily met to promote reciprocal trade and technology partnerships. They were accompanied by professional dignitaries such as: * Anton Kobyakov, the Chief Adviser to the President of the Russian Federation and Executive Secretary of the Organising Committee of the Eastern Economic Forum (EEF) * Mr. Denis Manturov -- First Deputy Prime Minister of Russia * Mr. H.E. Mr. Valeri Khodzhaev, Russian Consul General in India India and Russia, blockchain and digital transformation (real-time in emerging economies), are to become a vital source of summit presence. Relcko's Blockchain Innovation Award Won! Dr Seena With Relcko as its CEO and founder, Relcko led the way in bringing decentralised solutions (DeFi), smart contracts, as well as secure digital transactions to the mainstream market. Transparency, Security and efficiency have a standing in the global blockchain space and thereby have helped the company to be a very important player in the worldwide ecosystem. At the summit, Relcko was acknowledged for work in bridging technological gaps between India and Russia, thus bringing cross-border digital trade to life, which is contributing to the BRICS vision for a multipolar digital economy. Dr. Satish Kumar Seena: Saturday Winner of Tech Diplomacy Global Leadership The fact that Dr Seena has topped the 2025 award for Global Leader 2025 candidate of the year illustrates the ongoing efforts he is making in terms of incentivising blockchain adoption, financial inclusion & Indo-Russian tech cooperation. His leadership has not only taken Relcko to new heights but has also expanded India's blockchain ecosystem in this global race. In his remarks after the podium, Dr. Seena remarked. "Blockchain is more than just technology--it's a tool for economic empowerment and international cooperation. This award is a testament to the power of collaboration between India and Russia in shaping the future of digital economies." Russia's Victory Day: India + BRICS vision The timing of this summit with the Russian Victory Day Parade gives a historical dimension to resilience and progress. As BRICS countries continue their move for de-dollarisation, digital currency and tech-driven economic models, Relko's work fits perfectly into this mirror. An Era of Collective Growth The stage has been laid for improved blockchain, AI or fintech cooperation in India and Russia at the India-Russia Economic Summit 2025. Refined with Relcko and Dr. Seena at the helm, the future appears bright for tech-wise Indo-Russian symbiosis. Windows is moving into decentralised economies, and the changes are coming. Relcko innovations and Dr Seena's leadership will be pivotal to the next era of global digital transformation. About Relcko Relcko is a company whose expertise is blockchain technology, DeFi, smart contracts and enterprise blockchain solutions. Located in India with a fast global expansion, we aim to bring about transformational digital transactions in terms of security and transparency. Dr. Satish Kumar Seena -- All-in-one Blockchain expert, Entrepreneur and thinker Dr Seena has been one of the few market developers and facilitators for innovation in India towards its digital economy. His work is in remit blockchain research, fintech innovation, plus international business diplomacy. To receive media enquiries, contact:
The Sun
22-05-2025
- Business
- The Sun
US tariffs: Anwar urges reforms, closer ASEAN and partner ties
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said Malaysia is prioritising domestic economic reforms before expanding partnerships through ASEAN, key regional players such as China, India and Pakistan, and strengthening ties with the European Union (EU) to address the impact of the United States' (US) tariff policy changes. He said the EU had been quite dramatic in its decision to engage more aggressively and actively with ASEAN. Anwar added that Malaysia had initiated early engagement with the US, represented by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who held initial discussions with US Secretary of State Marco Rubio on the tariff issue. The talks, he said, were positive and offered a platform to clarify Malaysia's trade position. 'There was a follow-up meeting — as you know, in (South) Korea — and, amazingly, we have seen this statement by ASEAN, China, Japan, (South) Korea — which, in my mind, is very positive because it shows that we are prepared to consider the matter and openly promote multilateralism. 'But at this stage, it is a bit too early. Secretary Rubio had a long session with the Foreign Minister (Datuk Seri Mohamad Hasan). I also spoke with him, but beyond that, the US has promised to consider it sympathetically and give us a boost,' he said here on Wednesday (May 21). Anwar said this during a briefing session related to the ASEAN Summit 2025 with editors-in-chief of local and international media at the Seri Perdana Complex. Also present were Malaysian National News Agency (Bernama) chief executive officer Datin Paduka Nur-ul Afida Kamaludin, Bernama editor-in-chief Arul Rajoo Durar Raj, and Bernama Economic News Service executive editor Saraswathi Muniappan. Anwar said it was still too early to assess the full impact of the US tariff changes but added that Malaysia would continue to monitor developments and respond accordingly. He reaffirmed Malaysia's commitment to remaining a trading nation and said that, in addition to traditional partners such as China and the US, the country is exploring new markets, including engagement with Russia. Malaysia will also participate in the upcoming BRICS Summit in Rio de Janeiro, Brazil, on July 6–7. Anwar noted that Malaysia's semiconductor sector has so far remained unaffected by the US tariffs, describing it as 'the most positive' area amid increasing global trade uncertainty. 'On semiconductors, the US, for now, has excluded them from the tariffs. That's the most positive sign. But of course, anything can change tomorrow or even tonight, depending on the (US) President. For now, we're safe,' he said. However, Anwar said Malaysia is closely monitoring the situation, particularly as 60 per cent of its exports go to the US. 'We are taking this very seriously. We understand that 60 per cent of our products are exported to the US. It's huge... and we believe action needs to be taken,' he said. He also noted that despite a slowdown in some countries, global tech giants including Microsoft, Google and Nvidia continue to invest in Malaysia's semiconductor sector.
