A summit of BRICS nations took place in Kazan, Russia, in October, which the CEO of VTB, Andrei Kostin, described as a significant rebuke to Western countries that have imposed sanctions on Russia, according to an interview with Reuters.

“Twenty-three leaders attended the BRICS summit in Kazan. This serves as a clear statement, even a direct challenge to the Americans. It is noteworthy that there is backing for Russian initiatives and a clear dismissal of U.S. policies,” Kostin remarked.

“I believe the summit was advantageous for Russia, and we must continue to take further actions; it is crucial not to become complacent,” he emphasized.

Kostin also pointed out that Western sanctions have been ineffective, as numerous countries, including China, India, and Turkey, are eager to collaborate with Moscow.