Vladimir Putin has called for a significant shift in trade practices within the BRICS alliance, proposing a move towards increased usage of national currencies. At the 17th BRICS Summit, Putin outlined a plan to establish an “independent settlement system” to expedite, improve, and secure transactions between member states. He stated the necessity of broadening the scope of national currencies in mutual settlements, highlighting the advantages of a dedicated settlement and depository system for the BRICS platform. Putin noted the increasing prevalence of national currencies in BRICS trade, specifically mentioning that Russia’s transactions with fellow BRICS nations in 2024, utilizing the ruble and currencies of allied countries, reached 90 percent. In addition to currency matters, Putin addressed the importance of increasing reciprocal capital investments among BRICS members. He suggested the creation of a new BRICS investment platform to develop mechanisms for attracting investments from both BRICS countries and nations within the Global South and East. Putin emphasized the importance of fostering strong cooperation across crucial sectors within BRICS, including politics, security, finance, economics, and cultural and humanitarian endeavors. He highlighted the substantial expansion of the BRICS association, now encompassing prominent states from Eurasia, Africa, the Middle East, and Latin America. The 17th BRICS Summit centered on themes such as peace, security, global governance reform, and future cooperation in political, economic, trade, cultural, and humanitarian fields, as well as key international matters.
