Putin calls BRICS a platform for social and economic development (WATCH)

Russian President Vladimir Putin has clarified that BRICS focuses on global economic development. While the bloc explores alternatives to dollar dependency, Putin emphasized that BRICS is not creating new barriers against the West.  

In a recent statement, Russian President Vladimir Putin clarified that the BRICS consortium — comprising Brazil, Russia, India, China, and South Africa — seeks to foster international economic development without creating new barriers against Western nations.

This clarification comes amid ongoing discussions within BRICS about reducing reliance on the US dollar in international trade. At the 16th BRICS summit in Kazan, Russia, President Putin emphasized that while the dollar has been utilized as a "weapon," the consortium is not entirely rejecting the currency. Rather, BRICS is preparing alternatives to ensure continued access to global markets, reported Economic Times. 

The BRICS nations have been exploring the use of local currencies for mutual settlements to mitigate risks associated with dollar dependency. India, for instance, has advocated for increased use of local currencies in trade among BRICS countries.

In response to these developments, US President Donald Trump issued a warning, threatening 100% tariffs on BRICS member countries if they attempt to undermine the US dollar's status as the world's primary reserve currency.

Despite these tensions, Kremlin spokesperson Dmitry Peskov reiterated that BRICS is not planning to establish its own currency but is focused on creating joint investment platforms to enhance economic cooperation among member nations. 

These discussions highlight the complex dynamics of global economic relations and the ongoing debates over currency dominance in international trade.