Vladimir Putin talks about alternative international payment systems and de-dollarization in his opening remarks at the BRICS Summit. He suggested that this would stop the US from using the dollar as a political weapon.
âThe dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this.â Vladmir Putin
Putin, while speaking at the summit happening in Kazan said that the trade between Russia and China is now conducted up to 95% in ruble and yuan.
Russia is also currently working on a payment system competing with SWIFT. This infrastructure will be Belgium-based and perform as the forefront tool for international sanctions.
The BRICS summit has been an internationally the largest platform for Putin to present his views since Russia invaded Ukraine in February, two years ago. Many prominent personalities like Indian Prime Minister Narendra Modi, Li Qiang Chinese Premier and President from South Africa Cyril Ramaphosa attended the event
Brazil and India want to keep BRICS neutral rather than becoming outright anti-western
According to the summit report, there hasnât been much development or agreement on the proposed alternative payment system to avoid dependence on the US dollar for international payments. This proposition has raised doubts in some BRICS members, specifically India and Brazil.
Luiz Inacio, the President of Brazil addressed the summit in a video stream. He brought the attention for BRICS to focus on important world issues like poverty, healthcare, and education instead of working to divide the world into âfriends and enemiesâ.
India is in favor of Brazil to avoid the efforts of turning BRICS into the portrayal of the anti-Western alliance, which Russia and China would favor.
The summit also included discussions about the future if BRICS. Initially, this organization only had between 5 â 9 members when the event was held in 2023 in South Africa. There is the expectation of potential new members like Cuba, Bolivia, Nigeria, Turkey, and Uganda.
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