Watch the video below as Yvonne reports live from the summit venue, capturing the atmosphere, the key discussions underway, and what to expect in the days ahead.

From talks on a new global financial system to questions surrounding leadership absences, this year’s BRICS summit is set to reshape the global conversation and LN24 International is here to cover every moment.

Stay tuned to our website and social platforms for continuous updates, live interviews, and behind-the-scenes insights from one of the most pivotal geopolitical events of the year.

Rio de Janeiro — Chinese President Xi Jinping will not attend the 2025 BRICS summit in person, marking his first absence from the influential global bloc’s top-level gathering in over a decade. The summit opens tomorrow in Rio de Janeiro and will run through Monday, July 7.

Xi’s decision, though not officially explained, comes at a sensitive time for the BRICS alliance, which is under increasing scrutiny as it pushes for a more multipolar global order. The absence is being viewed by analysts as more than symbolic, especially as Russian President Vladimir Putin is also not attending in person and will participate remotely due to international legal and diplomatic pressures stemming from the ongoing war in Ukraine.

Leadership Gaps Stir Internal Speculation

While no formal reasons were given for Xi’s absence, some diplomats cite a shift in China’s international engagement strategy and growing domestic priorities as possible causes. Others point to quiet tensions within the bloc itself especially over disagreements about BRICS expansion, a common currency proposal, and influence over the New Development Bank.

With China and Russia’s top leaders absent, the stage is wide open for Brazilian President Luiz Inácio Lula da Silva to assert a leading role at this year’s summit. Lula has repeatedly emphasized the need for global financial reform, de-dollarization, and strengthening South-South cooperation.

Hosting the summit in Rio de Janeiro, Lula aims to position Brazil as a bridge between the Global South and the rest of the world, potentially using the platform to champion Latin American interests in global trade and development.

Modi’s High-Profile Attendance

In contrast to the high-level absences, India’s Prime Minister Narendra Modi is expected to attend in person and has been invited as the guest of honor, underscoring India’s strategic positioning within BRICS and on the global stage.

Modi’s agenda is likely to include deeper cooperation in digital infrastructure, global south partnerships, and new trade frameworks that reduce dependence on Western financial systems.

“India views this summit as a moment to assert leadership in shaping the BRICS agenda for the next decade,” said a senior Indian diplomat.

What’s at Stake for BRICS

The summit comes at a pivotal moment for the BRICS alliance, which recently expanded to include new members and is exploring major institutional reforms. But diverging national priorities, and now high-profile absences, have sparked fresh debates over whether the group can act cohesively as a counterweight to Western institutions like the G7, IMF, and World Bank.

Despite these challenges, the summit will move forward with a packed agenda focused on:

• Trade in local currencies

• Reform of global financial institutions

• Expansion of the New Development Bank

• Joint development projects in Africa and Latin America

As cameras and global attention turn to Rio, the question remains: Can BRICS move from vision to execution without the full presence of its most powerful members?

Rio de Janeiro – At the 10th Annual Meeting of the New Development Bank (NDB), global leaders called for a radical transformation of the international financial system, urging BRICS nations and the broader Global South to distance themselves from Western-dominated development models.

NDB President Dilma Rousseff, the former Brazilian head of state, delivered a powerful address emphasizing the urgent need for alternative growth strategies. “We must no longer be passive recipients of imposed financial architecture,” Rousseff said. “It’s time for BRICS nations to become active architects of their own development pathways.”

Her remarks come ahead of the upcoming BRICS leaders’ summit, also set to take place in Rio de Janeiro, where geopolitical and economic autonomy is expected to dominate the agenda.

Lula: “The Global South Needs a New Currency”

Backing Rousseff’s sentiments, Brazilian President Luiz Inácio Lula da Silva intensified calls for a shift away from global dependency on the U.S. dollar and other Western financial instruments. “It is time for a new trade currency among BRICS nations,” Lula said. “We must break the chains of financial dependency that have kept the Global South subordinate for decades.”

In a pointed rebuke of the international community, Lula also criticized the United Nations, calling it “insignificant” in the face of ongoing humanitarian crises. “Where is the UN in Gaza? Where is the global leadership in solving Palestine? We cannot wait for an institution that has repeatedly failed us.”

NDB: Shifting Focus to Infrastructure and Sovereignty

Founded in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank was envisioned as a financial alternative to institutions like the World Bank and the International Monetary Fund (IMF). With a growing list of member countries and partners, the bank has increasingly positioned itself as a key driver of infrastructure and sustainable development across emerging economies.

In 2025, the NDB has already approved over $1.1 billion in loans for Brazil alone, earmarked for energy projects, green transport, and digital infrastructure. The bank has also expressed interest in expanding partnerships with other countries in Latin America, Africa, and Asia.

A Wider Challenge to the Global Order

This year’s summit reflects growing frustration among emerging economies over unequal access to global capital and decision-making power in traditional institutions. The broader BRICS coalition which may soon expand to include nations like Argentina, Egypt, and Saudi Arabia is signaling a clear intent to challenge the Western-led status quo.

Analysts say the rhetoric is not merely symbolic. “The Global South is no longer content being a footnote in the global economy,” said Dr. Maria Estevez, an economist at the University of São Paulo. “The NDB’s increased activity is one part of a much larger push for a multipolar financial world.”

As the world watches the BRICS summit unfold in Rio, the message from the New Development Bank is unmistakable: a new financial era may be on the horizon—one that redefines the rules of global development, power, and equity.

The trend reflects growing geopolitical tensions, including the 2022 freezing of Russian reserves, US-China friction, and a push by BRICS nations to diversify away from dollar and euro reliance. Central banks cited diversification and protection against sanctions as key reasons for increasing gold holdings. Despite the euro’s stable share at around 20% when measured at constant exchange rates, gold’s price rally elevated its market value above the euro’s. The US dollar still dominates reserves at 46%, though its share is declining.

This is a big deal, and it’s a wake-up call for anyone who values economic stability, national sovereignty, and sound money. Let’s break down why this matters and what it means for you. Gold overtaking the euro signals a crisis of confidence in fiat currencies—those paper promises backed by nothing but trust in governments. Fiat currencies are backed by empty promises, and when those promises fail, confidence collapses. ‘Fiat’ is Latin for currency by force.

The euro, once hailed as Europe’s answer to the dollar, is losing ground because central banks are questioning its long-term stability. And who can blame them? The eurozone’s been grappling with sluggish growth, political fragmentation, and the fallout from years of loose monetary policy. Meanwhile, gold—tangible, timeless, immune to sanctions—has become the go-to for nations looking to protect their wealth.

Why EU’s Currency Is DONE

The Euro suffered a record collapse to its low in 2022. However, this fall isn’t done and the crash has worsened in 2025. The Euro could crash further which could escalate deindustrialization as well!

ECB’s Digital Euro set to launch in October

But this is by design because, the European Central Bank is set to unveil its Digital Euro in October, sparking widespread concerns about the erosion of our financial freedom. A major issue is the real-time monitoring of every single transaction, allowing banks to track each purchase made by individuals, thereby raising significant privacy concerns. The threat of payment blocking becomes increasingly real, with the government potentially freezing funds if they disagree with an individual’s actions. Furthermore, the introduction of automatic tax deductions is a looming possibility, where the ECB could directly deduct taxes from digital wallets. The implementation of cash withdrawal limits may also be on the horizon, restricting access to one’s own money. The Digital Euro will introduce programmable money, enabling the imposition of expiration dates on funds, which will disappear if not spent within a specified timeframe. Having failed to convince the public to adopt this system voluntarily, authorities now appear to be relying on fear tactics, potentially exploiting a new crisis to forcibly impose the Digital Euro on the population, effectively ushering in a financial Great Reset. This move would grant total control over individual purchases, tracking movements, and potentially even dictating dietary choices, essentially establishing a system of pervasive financial surveillance that monitors every aspect of one’s life. By accepting the Digital Euro, individuals would be paving the way for a future devoid of financial privacy, where every transaction is tracked and controlled. The ECB’s plan raises urgent questions about the future of financial freedom and the potential for governments to exert excessive control over citizens’ lives. Will the introduction of the Digital Euro mark the beginning of a new era of financial surveillance, and what implications will this have for individuals and society as a whole?

How Geopolitics has favoured Gold

Now, let’s talk geopolitics, because this is where the rubber meets the road. The 2022 freezing of Russia’s reserves by Western powers sent shockwaves through the global financial system. Countries like China and India took note and said, “We’re not going to be next.” They’re diversifying away from the dollar and euro, stockpiling gold to shield themselves from sanctions and currency wars. BRICS nations are even talking about a gold-backed alternative to the dollar. This isn’t just a financial shift; it’s a power shift.

From a conservative perspective, this is a vindication of what we’ve been saying for years: fiat currencies are vulnerable. The US dollar, still king at 46% of reserves, isn’t invincible either. Its share is shrinking, weighed down by America’s $33 trillion debt and reckless money printing. Gold’s rise is a reminder that sound money—backed by something real—matters. It’s why central banks are acting like preppers, stocking up on gold like it’s the financial apocalypse.  But this isn’t just about central banks. Everyday investors are jumping in, too. Gold ETFs and physical bullion sales are booming as people hedge against inflation and currency devaluation. And let’s be honest: with governments spending like there’s no tomorrow, who trusts paper money to hold its value? Gold’s surge is a vote for economic sanity in a world gone mad with debt and deficits.  But Like I said, Its by design because they want to introduce CBDC.

Gold overtaking the euro is sign that the global financial system is cracking.

So, why should you care? Because gold overtaking the euro is a warning shot. It’s a sign that the global financial system, built on trust in fiat currencies, is cracking. For investors, it’s time to ask: are you diversified? Do you have assets that can’t be printed or sanctioned away? For policymakers, it’s a call to get back to basics—cut spending, shore up currencies, and stop treating debt like a game. And for all others, it’s a reminder that in uncertain times, gold isn’t just shiny metal; it’s a hedge against chaos.