RAMAPHOSA CONCERNED AT SANCTIONS USED AS TOOLS OF 'GEOPOLITICAL CONTESTATION'

While Ramaphosa again called for diplomacy on day two of the BRICS summit, he warned that some sanctions are a threat to the stability of the global financial system.

President Cyril Ramaphosa addresses the 15th BRICS Summit in Sandton, Johannesburg on 22 August 2023. Picture: Jacques Nelles/Eyewitness News

Nokukhanya Mntambo | 23 August 2023 15:49

JOHANNESBURG - President Cyril Ramaphosa has hit out at the use of global financial systems as sanctions in response to global conflicts.

Ramaphosa made the criticism during his address to delegates on day two of the BRICS (Brazil, Russia, India, China and South Africa) summit in Sandton on Wednesday.

The bloc of emerging economies is meeting over three days to discuss plans to challenge the political-economic landscape.

On the agenda for the five leading emerging economies are talks of multilateralism, a new world order and the expansion of the BRICS bloc.

Russian President Vladimir Putin is the only BRICS leader not in Sandton as he evades arrest by the International Criminal Court for alleged war crimes.

In addition to a row over human rights violations, Russia’s decision to invade Ukraine triggered a wave of economic sanctions mostly led by the United States.

It is understood global tensions are also centre stage as some in the bloc reiterated calls for peaceful resolutions to conflict.

While Ramaphosa has again called for diplomacy, he has warned that some sanctions are a threat to the stability of the global financial system.

“We are concerned that global financial and payments systems are increasingly being used as instruments of geopolitical contestation. Global economic recovery relies on predictable global payment systems and the smooth operation of banking, supply chains, trade, tourism and financial flows.”

Ramaphosa told delegates that the bloc will continue to engage on how to help resolve global conflicts amicably.