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28 June

Putin Offered BRICS Countries a Faster Transition to Payments in National Currencies

Putin Offered BRICS Countries a Faster Transition to Payments in National Currencies

Prior the G20 meeting in Osaka, a meeting of heads of BRICS states took place.

The meeting was attended by Brazil’s President Jair Bolsonaro, Head of the Russian state Vladimir Putin, Prime Minister of India Narendra Modi, Chairman of the People’s Republic of China Xi Jinping, and President of South African Republic Cyril Ramaphosa, according to tvbrics.com reporter and as quoted by kremlin.ru.

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“It is symptomatic that international trade is no longer a catalyst for economic growth and that it increasingly suffers the burden of protectionism, politically motivated restrictions and barriers. International trade indicators are apparently growing weaker, the global debt is growing, and there is high volatility on financial, currency, and commodities markets. It seems that under such conditions BRICS countries should take on a more active role in forging a more equitable and sustainable model of global development based on the principles of equality, respect of sovereignty, and respect of interests of all the countries,” said Vladimir Putin during the meeting.

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The Russian leader offers BRICS countries to more actively convert to payments in national currencies.  

“Integration of payment systems of the ‘five countries’ and development of an independent channel of communications between national banks could enhance security of financial transactions. I believe this is extremely important given the conditions we live in today. This would foster sustainability of the banking systems of BRICS countries and their resilience to external factors,” emphasized the Russian President.

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Vladimir Putin praised expansion of operational activity of the New Development Bank. This bank has already funded 35 investment projects for the total of more than Nine Billion US Dollars.  

Russia’s leader also opined on extension of the composition of the bank’s shareholders. He believes this issue should be dealt with in stages: “First, we should approve the formula of calculation of quotas for applicants and the relevant regulatory documents. Second, we should ensure balanced regional representation.”

Russia proposes its BRICS partners to collaborate on perspective projects in the information and communications sector, as well as Artificial Intelligence projects.  

The Russian President believes there are ample opportunities for cooperation of BRICS countries in the digital economy and other high-tech areas, in the power generation industry, enhanced use of eco-friendly types of fuel, natural gas, nuclear- and hydro power.

Photo credit: kremlin.ru


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