Russia Calls on BRICS to Abandon US Dollar for Trade Settlements

Joshua Ramos
Source: The NewYork Times

Speaking at the BRICS summit today, Russia called on the BRICS alliance to abandon the US dollar for trade settlements. Specifically, Russian President Vladimir Putin stated as much in a speech that was made amid the ongoing summit taking place this week.

The promotion of local currency has been a point of emphasis for the bloc. Moreover, they have sought ways to de-dollarize unilateral trade while also embracing the continued use of native currencies in the bloc’s countries. Subsequently, Putin has called for the continued embrace of that practice.

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Russia Calls For BRICS to No Longer Use US Dollar for Trade Settlements

The BRICS Summit has been anxiously awaited by much of the world, as more than 40 heads of state are set to be present. Moreover, the economic alliance is poised to confront a host of vital topics to be discussed. Those are the ideas of expansion and the use of local currencies.

Now, Russia has called on the BRICS alliance to abandon the US dollar for trade settlements. Indeed, President Vladimir Putin has urged the bloc to instead opt to embrace local currencies. Subsequently, continuing the collective’s long-standing de-dollarization efforts.

brics summit vladimir putin russia president
Source: Reuters

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During the ongoing summit, local currencies were also set to be a focal point. The bloc has continuously sought to lessen reliance on the West and focus on unilateral economic growth. Moreover, Russia maintains the most interest in this, considering Western sanctions placed on the country.

Moreover, Putin reinforced the global stance of the economic alliance. Reuters reported yesterday that the president noted that the bloc stands for the “global majority.” Although Putin is not present at the event in person, he is participating in the summit via video link from Russia.