Putin Calls for BRICS to Ditch Dollar, Embrace National Currencies

Russian President Vladimir Putin has urged BRICS nations to increase their reliance on national currencies for trade and establish a dedicated settlement system. Speaking at the 17th BRICS Summit, Putin proposed that the group create an “independent settlement system” designed to make financial transactions faster, more efficient, and more secure. He emphasized the benefits of expanding the use of national currencies within the bloc. Putin highlighted the rising use of national currencies in trade among BRICS members, pointing to a 90% share in 2024 for Russia’s transactions using the ruble and currencies of allied nations. In addition to currency reforms, Putin called for greater reciprocal capital investments among BRICS countries, suggesting the establishment of a new investment platform. This platform would aim to develop instruments to draw investments from BRICS economies and nations in the Global South and East. Putin also emphasized the need for deeper cooperation in key areas, including politics, security, economics, finance, and cultural and humanitarian exchanges. He noted the expansion of BRICS to include major players from Eurasia, Africa, the Middle East, and Latin America, signifying a collective strength in political, economic, scientific, technological, and human potential. The 17th BRICS Summit focused on peace and security, reforming global governance, and fostering future collaboration in various sectors. Key international issues were also on the agenda.