Russia, China against 'discriminatory sanctions': Putin

Tianjin: Russia and China have taken a common stand against "discriminatory sanctions" that hinder the socioeconomic development of BRICS member countries, Russian President Vladimir Putin has said.

Putin, who arrived here to attend the Shanghai Cooperation (SCO) summit, made the remarks in an interview with China's state-run Xinhua news agency.

He said that Russia and China are paying special attention to mobilising additional resources for critical infrastructure projects, and stand united in strengthening BRICS' ability to address pressing global challenges.

The Russian president said that Moscow and Beijing take a "common stand against discriminatory sanctions that hinder the socioeconomic development" of BRICS members and the world at large.

Putin's remarks came against the backdrop of US President Donald Trump threatening the member countries of BRICS with 10 per cent tariffs.

BRICS is an intergovernmental organisation that comprises Brazil, Russia, India, China, and South Africa. Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates have joined BRICS as new members.

Prime Minister Narendra Modi is due to meet Putin on the sidelines of the SCO summit, which will be held here from Sunday to Monday.

In the written interview with Xinhua, Putin said Russia and China support reforming the International Monetary Fund and the World Bank.

He added that the two sides share the view that a new financial system must be built on the principles of "openness and true equity", which can provide equal and non-discriminatory access to its tools for all countries and reflect the real standing of member states in the global economy.

"We seek progress for the benefit of all humanity. I am confident that Russia and China will continue to work together towards this noble goal, aligning our efforts to ensure the prosperity of our great nations," he said.