Putin Urges BRICS Currency Shift, Proposes Independent Settlement System

In a push to redefine trade dynamics within the BRICS bloc, Russian President Vladimir Putin has advocated for wider use of national currencies in intra-BRICS exchange. Speaking at the 17th BRICS Summit via video link, Putin proposed the development of an independent settlement system to streamline currency transactions among member states.

Putin highlighted the growing share of national currencies in BRICS trade, citing a significant increase in Russia's use of the ruble in settlements with BRICS nations, which accounted for 90% of transactions in 2024. He stressed the need for a dedicated depository system on the BRICS platform to enhance efficiency and security.

Emphasizing economic solidarity, Putin called for increased reciprocal capital investments using BRICS mechanisms like the New Development Bank. He suggested forming a new investment platform to attract funds from member nations and the Global South and East. The summit also addressed cooperation in politics, economics, and humanitarian efforts, highlighting BRICS' expanding global influence and potential.

(With inputs from agencies.)