Russian President Putin to BRICS Leaders: Irreversible Process of De-Dollarization Gaining Steam

Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.”

Putin Participating at BRICS Summit

The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year.

Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater share in global GDP than the so-called Group of Seven [G7] in terms of purchasing power parity. Over the past decade, BRICS countries have doubled their investment in the global economy, and their total exports have reached 20 percent of the global total.”

Noting that “The partner countries are successfully implementing their Strategy for BRICS Economic Partnership 2025 [BRICS Strategy],” Putin stressed:

In particular, they are strengthening five-sided cooperation in such areas as diversification of supply chains, de-dollarization and the transition to national currencies in mutual transactions, digital economy, support for small and medium-sized businesses, and fair technology transfer.

The BRICS Strategy “defines a development path of BRICS and sets the framework for cooperation of its members in accordance with current economic trends and conditions,” the economic bloc previously explained.

Putin also emphasized the importance of shaping a multipolar world order. “Importantly, we are all united in our commitment to shaping a multipolar world order with genuine justice, based on the international law and in keeping with the key principles set forth in the UN Charter, including sovereignty and respecting the right of every nation to follow its own development model,” he said, adding:

We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.

On Tuesday, Putin also told the BRICS Business Forum, one of the key events at the BRICS summit:

A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control.

“As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year,” the Russian president noted.

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