VLADIMIR PUTIN, Russia’s president, was cock-a-hoop on October 22nd when he welcomed world leaders including Narendra Modi of India and Xi Jinping of China at theBRICSsummit in Kazan on the Volga river. Last year, when the bloc met in South Africa andexpanded from five to ten members, Mr Putin had to stay home to avoid being arrested ona warrantissued by the International Criminal Court in The Hague. This time he played host to a rapidly growing club that is challenging the dominance of the Western-led order.
This article appeared in the International section of the print edition under the headline “Putin’s plan to dethrone the dollar”
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