Kazan | Russian President Vladimir Putin on Thursday presided over a closing session of a summit of the BRICS bloc of developing economies, hailing its role as a counterbalance to the West.

The three-day summit in the city of Kazan covered the deepening of financial cooperation, including the development of alternatives to Western-dominated payment systems, as well as settling regional conflicts and moving to expand the BRICS group of countries.

The alliance that initially included Brazil, Russia, India, China and South Africa has expanded to embrace Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia. Turkiye, Azerbaijan and Malaysia have formally applied to become members, and several other countries have expressed interest in joining.

Speaking during Thursday's session, which included countries that consider joining the grouping, Putin said they all "share similar aspirations and values and a vision of new democratic global order.” The summit was attended by 36 countries, highlighting the failure of US-led efforts to isolate Russia over its actions in Ukraine. The Kremlin touted the summit as “the largest foreign policy event ever held” by Russia.

Russia has specifically pushed for the creation of a new payment system that would offer an alternative to the global bank messaging network SWIFT and allow Moscow to dodge Western sanctions and trade with partners.

In a joint declaration issued Wednesday, the summit participants voiced concern about “the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions” and reiterated their commitment to enhancing financial cooperation within BRICS.

They noted the benefits of “faster, low-cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimising trade barriers and non-discriminatory access.” China's President Xi Jinping has emphasised the bloc's role in ensuring global security. Xi noted that China and Brazil have put forward a peace plan for Ukraine and sought to rally broader international support for it. Ukraine has rejected the proposal.

Putin and Xi had announced a “no-limits” partnership weeks before Russia invaded Ukraine in 2022. They already met twice earlier this year, in Beijing in May and at a Shanghai Cooperation Organisation summit in Kazakhstan in July.

Russia's cooperation with India has also flourished as New Delhi sees Moscow as a time-tested partner since Cold War times despite Russia's close ties with India's main rival, China. While Western allies want India to be more active in persuading Moscow to end the fighting in Ukraine, Indian Prime Minister Narendra Modi has avoided condemning Russia while emphasising a peaceful settlement.

Putin, who held a series of bilateral meetings on the sidelines of the summit, was set to meet Thursday with UN Secretary-General Antonio Guterres, who is making his first visit to Russia in more than two years. Guterres's trip to Kazan has drawn an angry reaction from Kyiv.