Putin: BRICS countries reducing use of US dollar in trade

Russian President Vladimir Putin addressed the 15th BRICS Summit in Johannesburg via video link on Tuesday, discussing the ongoing trend of reduced reliance on the US dollar in trade among BRICS member states.

Putin emphasized that the process of de-dollarization within the BRICS economies is in motion and irreversible, leading to a decrease in the use of the US dollar for trade between member states. He noted that last year, this reliance stood at only 28.7%. He further mentioned that during the summit, comprehensive discussions on the transition to national currencies across all aspects of economic cooperation among the five nations will take place.

Highlighting the role of the BRICS New Development Bank as an alternative to Western financial institutions, Putin emphasized its significant contribution to these efforts.

Due to facing an international arrest warrant related to alleged war crimes in Ukraine, Putin could not attend the event in person.

Among those attending the summit in person are Brazilian President Luiz Inacio Lula da Silva, Chinese President Xi Jinping, South African President Cyril Ramaphosa, and Indian Prime Minister Narendra Modi.

BRICS, a coalition of emerging economies comprising Brazil, Russia, India, China, and South Africa, holds a substantial position in the global landscape, representing a quarter of the global economy, accounting for a fifth of global trade, and being home to over 40% of the world's population.

Putin highlighted that the combined share of the BRICS countries, with a population of 3 billion people, now encompasses nearly 26% of global GDP.

He further emphasized that the BRICS nations are outpacing the G-7 in terms of purchasing power parity, with a projected forecast of 31.5% against 30% for 2023.

Discussing the robust growth in mutual investments among BRICS countries over the last decade, Putin underscored the strengthening economic ties within the bloc.

Putin emphasized that the cooperation among BRICS members is anchored in principles of equality, mutual support, and respect for each other's interests.

In addition, Putin voiced his concerns about the impact of sanctions on his country, highlighting the adverse effect of illegitimate sanctions practices and the unjust freezing of sovereign states' assets on the global economic landscape.