Putin states that abandoning the US dollar 'keeps politics out of economic development'
Russian President Putin emphasizes that increasing the use of local currencies for trade among BRICS nations helps to mitigate geopolitical risks. Read Full Article at RT.com.
TroibNews 
**The use of local currencies in trade among BRICS members reduces geopolitical risks, the Russian president has said**
Russian President Vladimir Putin has stated that enhancing trade settlements in national currencies among BRICS members is a strategic necessity. He noted that moving away from the US dollar would bolster financial independence and mitigate geopolitical risks.
Currently, Russia is hosting the 16th annual BRICS Summit in Kazan, which includes Brazil, Russia, India, China, South Africa, and new members Iran, Egypt, Ethiopia, and the UAE, all of whom joined in January.
During a discussion on Tuesday with Dilma Rousseff, president of the BRICS New Development Bank, Putin highlighted that utilizing local currencies instead of the dollar or euro “helps to keep economic development free from politics as far as possible in the context of today’s world.”
The extensive US-led sanctions on Moscow in response to the Ukraine conflict have compelled Russia and other BRICS nations to explore alternative trading methods. Following the restrictions, several of Russia's major banks were banned from the SWIFT international payment system in 2022.
Last month, Putin indicated that Russia has already begun actively transitioning to national currencies for cross-border trade with its BRICS partners, revealing that the group is collaboratively developing a payment and settlement framework for trade.
In August, Russian Prime Minister Mikhail Mishustin reported that over 95% of mutual trade settlements between Russia and China, its largest trading partner, are conducted using the ruble or yuan.
Earlier this month, Indian Foreign Minister Subrahmanyam Jaishankar mentioned that New Delhi is aiming to protect its interests and find “workarounds” for trade settlements with global partners, including Russia.
Mathilde Moreau contributed to this report for TROIB News
Russian President Vladimir Putin has stated that enhancing trade settlements in national currencies among BRICS members is a strategic necessity. He noted that moving away from the US dollar would bolster financial independence and mitigate geopolitical risks.
Currently, Russia is hosting the 16th annual BRICS Summit in Kazan, which includes Brazil, Russia, India, China, South Africa, and new members Iran, Egypt, Ethiopia, and the UAE, all of whom joined in January.
During a discussion on Tuesday with Dilma Rousseff, president of the BRICS New Development Bank, Putin highlighted that utilizing local currencies instead of the dollar or euro “helps to keep economic development free from politics as far as possible in the context of today’s world.”
The extensive US-led sanctions on Moscow in response to the Ukraine conflict have compelled Russia and other BRICS nations to explore alternative trading methods. Following the restrictions, several of Russia's major banks were banned from the SWIFT international payment system in 2022.
Last month, Putin indicated that Russia has already begun actively transitioning to national currencies for cross-border trade with its BRICS partners, revealing that the group is collaboratively developing a payment and settlement framework for trade.
In August, Russian Prime Minister Mikhail Mishustin reported that over 95% of mutual trade settlements between Russia and China, its largest trading partner, are conducted using the ruble or yuan.
Earlier this month, Indian Foreign Minister Subrahmanyam Jaishankar mentioned that New Delhi is aiming to protect its interests and find “workarounds” for trade settlements with global partners, including Russia.
Mathilde Moreau contributed to this report for TROIB News
