In 2024, BRICS expanded its membership to Egypt, Ethiopia, Iran, and the United Arab Emirates. Saudi Arabia is considering joining after being invited to the 2023 summit in Johannesburg.
With the new members, almost half of the world’s population and vast portions of the economic output and natural resources are represented, and hence, this new grouping has been tagged “BRICS Plus.”
Above all, Turkey’s strategic economic interests strongly align with those of BRICS countries. Much of its natural gas imports come from Russia, while China’s Belt and Road Initiative is purportedly meant to connect East Asia to Europe. Turkey is a critical hub for trade flows to the Middle East, Africa, and Central Asia.
Thus, this alignment with BRICS Plus made the circle of strategic memberships that Turkey received more diverse and empowered a country within global economic dynamics; therefore, it is a milestone in following its long-term strategic and financial goals globally.
Impact of Sanctions on Russia-Turkey Economic Ties
If there is a long-standing commercial relationship between Russia and Turkey, then it is at risk today with the increasing number of financial sanctions. In this regard, Russian Ambassador to Ankara Alexey Erkhov announced that the Western sanctions are “designed to destroy” the economic relationship between countries.
This is already evident in the effect on Russian citizens living in Turkey, as many of their fund transfers are already blocked, and their bank accounts are being closed.
This financial struggle is not confined to Turkey but spills over to other allies, such as China, at least in the case of dual-use product payments. A subsequent deficit of trust in financial interactions may seriously influence key sectors, such as energy and heavy industry, that are cardinal to Russia and Turkey.
It puts Ankara in a tight spot. For example, if these disturbances remain unsolved, the repercussions could trickle over, marking what may well be the beginning of the long-term economic break between the two nations. Turkish diplomacy, typically busy mediating conflicts around the world, is undermined.
Turkey’s Move Towards BRICS Plus Amidst NATO Tensions
On December 14, 2022, the UN General Assembly passed a landmark vote that epitomized the change in global economic paradigms by addressing a resolution for establishing a new international economic order.
The resolution received the overwhelming support of 123 member states, dominated by the continents of Africa, Asia, and Latin America. Fifty countries voted against it, and Turkey, the geographical and political divide between the East and the West, was the only country that abstained.
It further reflects the convoluted nature of Turkish foreign policy, as shown in its reluctance to join the NATO alliance, especially in terms of expansion within the military alliance. At Turkey’s insistence, this move delayed Sweden’s accession to the alliance for almost two years amid opposition from other members.
This cautious diplomacy culminated in a dramatic announcement in September 2024, arguably the most thunderous statement yet, that Turkey would apply for membership in the BRICS Plus grouping.
For the first time, a NATO member country formally expressed interest in joining the alliance coined in 2006 by Brazil, Russia, India, China, and South Africa. A brainchild of dissatisfaction with Western-dominated global governance mechanisms, this grouping increased tenfold.
The Future of Russian-Turkish Economic Relations
The Turkish application to BRICS Plus came at a very critical juncture, more so when BRICS is under the chair of Russia, which is engaged in conflict with Ukraine. As NATO rallies behind Ukraine, Turkey’s pivot suggests a strategic realignment and diversification of its international alliances beyond the traditional Western frameworks.
This realignment has been in the works for many years. Ever since attending the 2018 BRICS summit, Turkey has openly contemplated membership. Its long-cherished ambition to join the rank of more comprehensive global economic actors testifies to its geopolitical standing: it is geographically situated between Europe and Asia.
Despite close relations with Western institutions, including multiple attempts at accession to the European Union during President Recep Tayyip Erdogan’s more than two decades in Office, the latter has always denied its membership application.
If admitted, Turkey would, in part, be due to its more than 85 million citizens, the most prominent member state, surpassing Germany. Growing anti-immigrant and anti-Muslim feelings in Europe, bolstered by the significant arrival of Arab and African emigres, have further complicated the prospects of Turkish accession.
Contrasting with the critical initial reviews by many Western commentators in 2006, the evolution of BRICS has been such that the group would need to be more effective and coherent.
Today, BRICS is home to the Shanghai-based New Development Bank, which came into being with $50 billion in starting capital but also enjoys positive outlooks from credit rating agencies and the financial press. The group also established a Contingent Reserve Arrangement that protects its members against global liquidity disruptions.
