Putin: Use of US dollar in trade between BRICS nations declining

By Agencies August 23, 2023 5437

The utilization of the US dollar in trade among BRICS nations is diminishing as they shift towards their national currencies, according to Russian President Vladimir Putin.
Speaking via video link at the 15th BRICS Summit in Johannesburg, Putin highlighted the ongoing process of de-dollarization in BRICS economies. He stated that last year, the use of the US dollar accounted for only 28.7% in trade between member states, and emphasized that the summit would delve into the details of transitioning to national currencies in all areas of economic cooperation. Putin also praised the BRICS New Development Bank as an alternative to Western financial institutions, emphasizing its significant role in these efforts.

Despite being unable to attend the event in person due to an international arrest warrant related to alleged war crimes in Ukraine, Putin expressed the importance of BRICS nations in the global economy. He noted that the bloc, which comprises Brazil, Russia, India, China, and South Africa, makes up a quarter of the global economy, representing a fifth of global trade and more than 40% of the world's population.
Putin also highlighted that the BRICS countries are ahead of the G-7 in terms of purchasing power parity. Furthermore, he underscored the significant increase in mutual investments among BRICS nations over the past decade.
Putin emphasized that cooperation among BRICS members is based on the principles of equality, partner support, and respect for each other's interests. Lastly, he criticized the sanctions imposed on Russia, stating that they have a severe impact on the global economic situation and consider them to be an illegitimate practice that hinders the assets of sovereign states.