Putin calls for BRICS-wide 'independent settlement system' using national currencies

Time of India

2 days ago

Russian President Vladimir
Putin
has called for expanding the use of national currencies in trade among
BRICS
countries and proposed the creation of an "independent settlement system" on the BRICS platform to make transactions "faster, more efficient and safer."
Speaking via video conference at the Main Plenary Session of the 17th
BRICS Summit
, Putin said, "It is necessary to further expand the use of national currencies in mutual settlements."
He stressed the advantages of creating an independent settlement and depository system within BRICS. "The creation of an independent settlement and depository system on the BRICS platform will, it seems, make currency transactions faster, more efficient and safer," he said.
Putin noted that the share of national currencies in trade between BRICS members is steadily rising. He cited Russia's trade figures with BRICS countries in 2024, stating, "By the way, the use of national currencies in trade between our countries is steadily growing: in 2024, the share of our national currency, the ruble, and the currencies of friendly countries in Russia's settlements with other BRICS countries amounted to 90 per cent."
He also spoke about the need to boost reciprocal capital investments among BRICS nations. "The task of increasing the volume of reciprocal capital investments by the member countries of the association, including through the BRICS mechanisms and primarily the New Development Bank, also seems relevant. For these purposes, Russia has proposed forming a new BRICS investment platform. The idea is to jointly develop agreed instruments for supporting and attracting funds from the economies of our countries and the countries of the Global South and East," he said.
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Putin underlined the importance of strengthening cooperation within BRICS in major areas. "The main thing is that the BRICS countries continue to deepen cooperation in key areas of politics and security, economics and finance, and cultural and humanitarian contacts," he stated.
"Our association has expanded significantly and includes leading states of Eurasia, Africa, the Middle East and Latin America. Together we possess truly enormous political, economic, scientific, technological and human potential," he added.
The 17th BRICS Summit focused on topics such as peace and security, reform of global governance, and future cooperation in the political, economic, trade, cultural and humanitarian sectors. Discussions also covered key international issues.