The President of Russia, Vladimir Putindefended this Tuesday (22) the increase in trade in national currencies to minimize “external political risks”, before the start of the US summit meeting. Brics in Kazan.
“An increase in payments in national currencies makes it possible to minimize external political risks,” said Putin, during a meeting with the former president of Brazil Dilma Rousseffpresident of the New Development Bank (NBD), known as BRICS bankgroup of emerging countries.
A Russia has been a target since the beginning of the offensive in Ukraine in 2022, of Western sanctions, particularly financial ones, and the Russian president frequently calls for reducing the Russian economy’s dependence on the dollar, a currency considered “toxic” by Moscow.
The establishment of an international payment system would allow it to compete with Swift (Society for Worldwide Interbank Financial Telecommunications), from which most Russian banks were excluded.
Dilma Rousseff also supported the idea of increase trade in national currencies during a meeting attended by the president of the Russian Central Bank (BCR), Elvira Nabiulina, and the head of Russian diplomacy, Serguei Lavrov.
“At the moment, countries in the Global South have a great need for financing, but the conditions for obtaining it are very complicated,” he acknowledged, according to his statements translated into Russian.
The BRICS bank was created as an alternative to the International Monetary Fund (IMF) and the World Bank, two institutions controlled by Western countries.
