MOSCOW/RIO DE JANEIRO — In a powerful message delivered via video conference at the 17th BRICS Summit, Russian President Vladimir Putin called on the bloc to expand the use of national currencies in mutual trade and to create an independent BRICS settlement system that would make financial transactions “faster, more efficient, and safer.”
“It is necessary to further expand the use of national currencies in mutual settlements,” Putin said at the Main Plenary Session of the summit hosted in Rio de Janeiro.
Push for Financial Sovereignty
Putin emphasized the shift away from dependence on Western-dominated financial systems, urging BRICS members to pursue financial sovereignty by increasing the use of their own currencies in trade.
“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% in 2024,” he said, highlighting growing momentum.
The Russian leader proposed the formation of an independent settlement and depository system within BRICS, which would provide a robust alternative to SWIFT and reduce vulnerability to sanctions and geopolitical financial risks.
BRICS Investment Platform Proposed
In addition to payment systems, Putin advocated for greater reciprocal capital investments among member nations. He proposed a BRICS Investment Platform that would be backed by agreed-upon instruments and the support of the New Development Bank (NDB).
“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,” Putin explained.
The proposal reflects a broader BRICS strategy to enhance intra-bloc trade and investment while aligning more closely with emerging economies beyond the traditional G7 order.
A Stronger, More Diverse BRICS
Putin underscored that BRICS’ recent expansion — which now includes Iran, Egypt, UAE, Ethiopia, and Indonesia — has made the group more influential across Eurasia, Africa, the Middle East, and Latin America.
“Together, we possess truly enormous political, economic, scientific, technological, and human potential,” Putin said.
He stressed continued collaboration in politics, security, economics, finance, as well as cultural and humanitarian ties, noting that the bloc was playing an increasingly decisive role in shaping global governance.
Summit Agenda: Peace, Reform, and Development
The summit, hosted by Brazil, focused on:
- Reforming global governance structures
- Strengthening cooperation on peace and security
- Developing future frameworks for trade and investment
- Promoting cultural diplomacy and humanitarian exchanges
It also provided a platform for discussing the Russia-Ukraine conflict, Middle East tensions, and currency de-dollarisation efforts.
FAQs
What did Putin propose at the 17th BRICS Summit?
He called for expanding the use of national currencies in trade and proposed creating an independent BRICS settlement and depository system.
What is the goal of the proposed settlement system?
To make financial transactions faster, more efficient, and immune to sanctions or political manipulation by non-member states.
How much of Russia’s BRICS trade in 2024 used national currencies?
90%, according to President Putin.
What is the BRICS Investment Platform?
A proposed new mechanism to boost capital investments across member states, backed by instruments developed with help from the New Development Bank.
Why is this significant?
These moves reflect BRICS’ ongoing effort to reduce dependence on the US dollar and Western-led financial institutions, and to promote economic sovereignty within the Global South.
As BRICS continues its evolution into a multipolar economic powerhouse, Putin’s proposals mark a major step toward a parallel financial architecture — one that could challenge traditional Western dominance in global trade and finance.