Russian President Vladimir Putin has called for expanding the use of national currencies in trade between BRICS countries and proposed to construct the “independent settlement system” on the BRICS platform to make the transaction “fast, more efficient and safe”.
Speaking through the video conference in the main full session of the 17th BRICS Summit, Putin said, “It is necessary to expand the use of national currencies in mutual settlements.”
He emphasized the benefits of making an independent disposal within the BRICS and creating a depository system. “An independent disposal on the BRICS platform and the construction of the depository system, it seems, make the currency transactions faster, more efficient and safe,” he said.
Putin said that the share of national currencies in the trade among the members of the BRICS is continuously increasing. He cited Russia’s trade figures with BRICS countries in 2024, saying, “By the way, the use of national currencies in trade between our countries is continuously increasing: in 2024, our national currency, rubles, and friendly countries in Russia’s settlements were 90 percent of the currencies of friendly countries with other BRICS countries.”
He also talked about the need to promote mutual capital investment among BRICS nations. “The association’s member countries seem to be relevant by the BRICS mechanisms and mainly through the new development bank, the work of increasing the amount of mutual capital investment by the association’s member countries. For these purposes, Russia has proposed to create a new BRICS investment platform. The idea is to support and attract money from the economies of our countries.
Putin underlined the importance of strengthening cooperation within BRICS in major areas. “The main thing is that the BRICS countries continue to deepen cooperation in politics and security, economics and finance, and cultural and human contacts,” he said.
He said, “Our association has expanded considerably and includes major states of Eurasia, Africa, Middle East and Latin America. Simultaneously we have a truly huge political, economic, scientific, technical and human ability,” he said.
The 17th BRICS summit focused on topics such as peace and security, reform of global rule, and future cooperation in political, economic, business, cultural and human areas. Discussions also covered major international issues. (AI)
