Dumping US dollar ‘keeps politics out of economic development’ – Putin
The use of local currencies in trade among BRICS members reduces geopolitical risks, the Russian president has said
Boosting trade settlements in national currencies between members of the BRICS group is a strategic necessity, Russian President Vladimir Putin has said, adding that a shift from the US dollar would strengthen financial independence and reduce geopolitical risks.
Russia is currently hosting the 16th annual BRICS Summit in the city of Kazan. The group comprises Brazil, Russia, India, China, and South Africa, as well as new members Iran, Egypt, Ethiopia, and the UAE, which joined in January.
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