At the 14th BRICS Summit which was hosted by Beijing, Chinese President Xi Jinping denounced the “abuse of sanctions” against other nations, saying "we must abandon Cold War mentality and block confrontation and oppose unilateral sanctions and the abuse of sanctions," Xi said.

"The global economic recovery remains a tortuous process while peace and security become more salient problems."

Speaking at the conference, held via video link, Xi Jinping called on the other BRICS members to rise to their responsibilities in the world warning that "our meeting today comes at a crucial moment of choice for the future of humanity: as key emerging markets and developing countries, BRICS countries must rise to our responsibility,"

BRICS is an emerging economic market group comprising Brazil, Russia, India, China, and South Africa, who pledged to remain committed to multilateralism and agreed actively advance the BRICS membership expansion process.

The combined group of BRICS countries possesses a total of $27.5 trillion in economic power.

Experts say the group can lay the foundation on how to counter the United States’ hegemonic ambitions and sinister economic policies that bring instability and destruction across the world, including Washington’s use of its dollar to try and dominate global economic affairs.

Analysts also say inflation in the West along with other global economic models such as BRICS has played a major role in failing to isolate countries such as Russia from Western sanctions which has backfired on the West amid rising energy and grain prices. Critics of the U.S. sanctions regime say it has not taken BRICS into account, none of the BRICS’ members have criticized Russia over its military operation or imposed sanctions on Moscow.

President Xi said “right now, our world is facing drastic changes” and that “various security challenges keep emerging.”

“Where is the world headed: Peace or war? Progress or regression? Openness or isolation? Cooperation or confrontation?” he asked; saying that “these are choices of the times that we are confronted with.”

The Chinese President added “our shared desire to meet challenges together through cooperation will remain as strong as ever. We should stand high and not allow ourselves to be distracted by fleeting clouds, and we should have a keen appreciation of the law governing the advance of history. We should refuse to be led astray by any turn of events or intimidated by any risk.”

Xi said, “We should rise to challenge and forge ahead with resolve toward the goal of building a community with a shared future for mankind.”

He called on the BRICS countries to “embrace solidarity and coordination and jointly maintain world peace and stability.”

Xi warned about how humanity has gone through the scourge of two world wars and the dark shadow of the Cold War saying “the tragedies of the past tell us that hegemony, group politics and bloc confrontation bring no peace or security; they only lead to wars and conflicts.”

“The Ukraine crisis,” he said “is another wake-up call for all in the world. It reminds us that blind faith in the so-called ‘position of strength’ and attempts to expand military alliances and seek one's own security at the expense of others will only land oneself in a security dilemma.”

The Chinese leader spoke about the importance of upholding peace and never forgetting what he described as the painful lessons of previous wars, noting that only then can there be hope for peace.

He also called on all countries to “stay true to the pledge of the UN Charter and fulfill the mission of maintaining peace.”

He added that “we in the international community should reject zero-sum games and jointly oppose hegemonism and power politics. We should build a new type of international relations based on mutual respect, fairness, justice and win-win cooperation.”

He pointed out that the “BRICS mechanism is an important cooperation platform for emerging markets and developing countries.”

Russian President Vladimir Putin told the meeting that Moscow is ready to further develop multilateral cooperation with Brazil, India, China, and South Africa; and promote the global role of the BRICS countries.

Putin said the BRICS countries can cooperate in the face of "selfish actions" by the West saying "only on the basis of honest and mutually beneficial cooperation can we look for ways out of this crisis situation, which developed in the global economy because of the ill-conceived, selfish actions of certain states,"

Putin warned, “we have repeatedly said that challenges like conflict settlement, the fight against terrorism and organized crime, including the criminal use of new technologies, climate change, and the spread of dangerous infections, can only be addressed through joint efforts.”

He added that “only on the basis of honest and mutually beneficial cooperation we can look for ways out of the critical situation that has emerged in the world economy because of the ill-conceived and selfish actions of certain states, which, by using financial mechanisms, are actually shifting their own macroeconomic policy mistakes onto the rest of the world.”

The Russian President emphasized, “we are confident that today, as never before, the world needs the BRICS countries’ leadership in defining a unifying and positive course for forming a truly multipolar system of interstate relations based on the universal norms of international law and the key principles of the UN Charter.”

He told the meeting that “in this context, we can count on support from many states… seeking to pursue an independent policy,” while expressing confidence that “the present BRICS Summit… will hold a frank and detailed exchange of views on all the most important global and regional issues and various aspects of strategic partnership, including in the extended dialogue format of BRICS+.”

He stressed that “Russia is ready to continue promoting close and versatile interaction with all BRICS partners and contributing to the group’s greater role in international affairs.”

Putin has previously said the West wants to destroy Russia, that the economic sanctions are akin to a declaration of economic war and that Russia will build ties with other powers.

Russia sent troops into Ukraine in February after Washington and NATO ignored Moscow’s demands for security guarantees over the Western military alliance’s eastward expansion into Ukraine.

Ukraine says it will never surrender its territory to Russia.

Following the BRICS summit, a joint declaration was issued, which touched among a variety of topics including the crisis in Eastern Europe.

The statement pointed out “our national positions as expressed at the appropriate fora, namely the UN [Security Council] and UN [General Assembly]. We support talks between Russia and Ukraine. We have also discussed our concerns over the humanitarian situation in and around Ukraine”

The declaration said, “We strongly support a peaceful, secure, and stable Afghanistan while emphasizing the respect for its sovereignty, independence, territorial integrity, national unity, and non-interference in its internal affairs.”

It added that “we reiterate the need to resolve the Iranian nuclear issue through peaceful and diplomatic means in accordance with the international law, and stress the importance of preserving the JCPOA and the UNSCR 2231 to international non-proliferation as well as wider peace and stability and hope for the success of diplomatic efforts towards the resumption of the JCPOA.”

The BRICS declaration also expressed “strong condemnation of terrorism in all its forms and manifestations whenever, wherever and by whomsoever committed,” while also strongly denouncing and rejecting “double standards in countering terrorism and extremism conducive to terrorism.”