Russian President Vladimir Putin has proposed enhancing the use of national currencies in trade among BRICS nations. He advocated for the creation of an “independent settlement system” within the BRICS framework to facilitate transactions, aiming for increased speed, efficiency, and security. Speaking via video conference at the 17th BRICS Summit, Putin emphasized the need to expand the utilization of national currencies in mutual settlements. He highlighted the benefits of an independent settlement and depository system, asserting that it would streamline and secure currency transactions. Putin pointed out the growing share of national currencies in trade among BRICS members, citing the substantial figure of 90 percent in Russia’s settlements with other BRICS nations in 2024, using its national currency, the ruble, and those of friendly countries. Furthermore, Putin discussed the importance of boosting reciprocal capital investments among BRICS countries and proposed a new BRICS investment platform. The objective is to collaboratively develop instruments to attract funds from BRICS economies and those of the Global South and East. Putin underscored the significance of strengthening cooperation within BRICS across key areas, including politics, security, economics, finance, and cultural and humanitarian contacts. He acknowledged the significant expansion of the BRICS association, which now includes leading states from Eurasia, Africa, the Middle East, and Latin America, collectively possessing considerable political, economic, scientific, technological, and human potential. The 17th BRICS Summit addressed topics such as peace, security, global governance reform, and future cooperation across various sectors, including political, economic, trade, cultural, and humanitarian domains. Discussions also encompassed crucial international issues.
