Putin calls for expanding the use of national currencies in trade between BRICS countries

Rio de Janeiro: An “independent settlement system” on the BRICS platform has been suggested by Russian President Vladimir Putin as a way to make transactions “faster, more efficient, and safer.” He has also urged for the expansion of the use of national currencies in commerce among BRICS nations.

During the Main Plenary Session of the 17th BRICS Summit, Putin said via video conference that “it is necessary to further expand the use of national currencies in mutual settlements.”

He emphasized the benefits of establishing a separate BRICS settlement and depository system. “The creation of an independent settlement and depository system on the BRICS platform will, it seems, make currency transactions faster, more efficient, and safer,” he said.

Putin pointed out that the proportion of national currencies in BRICS commerce is continuously increasing. “By the way, the use of national currencies in trade between our countries is steadily growing: in 2024, the share of our national currency, the ruble, and the currencies of friendly countries in Russia’s settlements with other BRICS countries amounted to 90 percent,” he said, citing Russia’s trade figures with the BRICS nations in 2024.

He also discussed the need to increase BRICS countries’ reciprocal capital investments. Increasing the amount of reciprocal capital investments made by the association’s member nations, particularly via the New Development Bank and the BRICS structures, also seems to be a pertinent goal. Russia has suggested creating a new BRICS investment forum for these reasons. The plan is to work together to create mutually agreed-upon tools to boost and draw in capital from the economy of our nations as well as those of the Global South and East,” he said.

Putin emphasized how crucial it is to improve BRICS collaboration in key sectors. “The main thing is that the BRICS countries continue to deepen cooperation in key areas of politics and security, economics and finance, and cultural and humanitarian contacts,” he said.

“The main nations of Eurasia, Africa, the Middle East, and Latin America are now part of our alliance, which has grown considerably. We have really vast political, economic, scientific, technical, and human potential when we work together,” he said.

The 17th BRICS Summit addressed issues such as global governance reform, peace and security, and future collaboration in the fields of politics, economics, commerce, culture, and humanitarianism. Important global concerns were also discussed.