WASHINGTON, October 25. /TASS/. Development banks established through BRICS will attract global interest, political analyst John Kavulich told TASS on Thursday.

"Efforts to replace the US Dollar as the global reserve currency are unlikely to see success in the short term or medium term. More likely is a formula to use country currencies for trade rather than translate into US Dollars or Euros or Sterling. Additionally, the creation of BRICS-affiliated development banks will be attractive, particularly to developing countries," he noted.

"The participation of thirty-plus heads of state and heads of government at the BRICS Summit in Kazan, Russian Federation, was a success from the optical perspective. President [of Russia Vladimir] Putin demonstrated he did not inhabit, possess the political toxicity that most members of the European Union, NATO, G7, and most members of the G20 convey toward him," John Kavulich, an employee of the Issue Insight analytical organization, added.

According to the expert, the "remarkable statistics" indicate that "one member of NATO (Turkey) and two members of the G20 (Turkey and Indonesia) are seeking partnership status within the BRICS." Kavulich suggests that Russia’s military operation is the "factor that will in the short term constrain the global interest in BRICS."

"Absolutely correct for Secretary-General of the United Nations (Antonio Guterres) to attend the BRICS Summit. His job is not only meeting with those who he likes," the analyst stressed. "He must meet with those involved in conflict."

BRICS Summit in Kazan

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, was held in Kazan on October 22-24. The summit in Kazan was the first to be attended by new members of the association. During the summit, BRICS countries adopted the Kazan Declaration. The document addressed the development of the group, its views on global affairs, and the settlement of such regional crises as the ones in Ukraine and the Middle East.

The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Iran, Saudi Arabia, United Arab Emirates and Ethiopia became its full-fledged members.