Beijing: In an apparent reference to Western sanctions on Russia, Chinese President Xi Jinping on Wednesday described sanctions as double-edged swords and said the act of wilfully imposing penalties will bring disasters to people around the world.

Xi made the remarks when he delivered a keynote speech in virtual format at the opening ceremony of the BRICS Business Forum, Xinhua news agency reported.

The Chinese President said those who politicize, leverage and weaponize global economy and wilfully impose sanctions by taking advantage of dominance in international financial and monetary systems will eventually harm others and themselves and bring disasters to people around the world.

During his address, Xi also called for joint efforts to seek and safeguard peace. History has shown that hegemony, group politics and bloc confrontations bring neither peace nor stability, but rather war and conflict, said Xi.

"The Ukraine crisis has again sounded the alarm for humanity: Countries will surely end up in security hardships if they place blind faith in their positions of strength, expand military alliances, and seek their own safety at the expense of others," said Xi.

Urging the international community to abandon zero-sum game and jointly oppose hegemony and power politics, Xi called for the building of a new type of international relations featuring mutual respect, equity and justice, and mutually beneficial cooperation.

Xi Jinping will host the 14th BRICS Summit in Beijing on June 23. The Summit will be held in virtual format under the theme of "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development."

Prime Minister Narendra Modi will also take part in the summit virtually. Speaking at the BRICS Business Forum today, PM Modi underlined the role of BRICS countries amid the global focus on post Covid recovery.

"BRICS was established with the belief that this group of emerging economies could emerge as engines of global growth. Today, when the world is focusing on post Covid recovery, the role of BRICS countries will be very important," said PM Modi in a recorded keynote speech.

"India supports innovation across every sector including drones, green energy and space. By 2025, India's digital sector value will cross USD 1 trillion valuations," he said.

He emphasised that India's success is based on technology-led growth with innovation and start-ups. "The government emphasises on 'Ease of Living', building infrastructure with PM GatiShakti, digital transformation and digital economy."