Russian President urges BRICS to expand use of national currencies

Maria Novoselova / Vestnik Kavkaza

Settlements in national currencies among BRICS member states are steadily increasing, Russian President Vladimir Putin said during his video address to the BRICS summit.

"The use of national currencies in trade among our countries is steadily growing. In 2024, the share of our national currency, the ruble, along with the currencies of friendly nations, accounted for 90% of Russia’s settlements with other BRICS states," Putin said.

According to the Russian President, in order to fully capitalize on the emerging opportunities, it is essential to intensify cooperation among the bloc’s member states.

"First and foremost, in such areas as technology, the efficient development of resources, logistics and insurance, trade, and finance. It is also necessary to further expand the use of national currencies in mutual settlements," Putin said.

The Russian leader said the establishment of an independent BRICS clearing and depository system, as expected, will make currency transactions faster, more efficient, and more secure," said.

© Photo :Maria Novoselova / Vestnik Kavkaza
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