Putin Advocates for National Currency Use in BRICS Trade
Strengthening BRICS Trade with National Currencies
During the 17th BRICS Summit, Russian President Vladimir Putin emphasized the need to enhance the use of national currencies in trade among BRICS nations. He proposed establishing an “independent settlement system” on the BRICS platform to facilitate transactions that are “faster, more efficient, and safer.”
In a video address at the summit's Main Plenary Session, Putin stated, “It is essential to further promote the use of national currencies in mutual settlements.” He highlighted the benefits of creating a dedicated settlement and depository system within BRICS, asserting that it would streamline currency transactions.
Putin pointed out that the proportion of national currencies in trade among BRICS members is on the rise. He shared that in 2024, the share of Russia's ruble and other friendly currencies in trade settlements with BRICS countries reached 90 percent.
He also addressed the importance of increasing reciprocal capital investments among BRICS nations. Putin mentioned, “The goal of enhancing reciprocal capital investments among member countries, particularly through BRICS mechanisms like the New Development Bank, is crucial. Russia has proposed the creation of a new BRICS investment platform to support and attract funds from our economies and those of the Global South and East.”
Putin stressed the significance of deepening cooperation within BRICS across various sectors. He remarked, “It is vital for BRICS countries to continue strengthening collaboration in key areas such as politics, security, economics, finance, and cultural exchanges.”
He noted that BRICS has expanded to include prominent nations from Eurasia, Africa, the Middle East, and Latin America, collectively possessing substantial political, economic, scientific, technological, and human resources.
The summit addressed critical issues including peace and security, global governance reform, and future collaboration in political, economic, trade, cultural, and humanitarian domains.