Russian leader advocates using national currencies at BRICS and states that emerging markets will lead new economic order
Russian President Vladimir Putin on Sunday (6.Jul.2025) that the Liberal Globalization model “It’s running out” and that the future of the world economy belongs to emerging markets. The Russian leader advocated the expansion of the use of national currencies in trade between the BRICS countries and proposed the creation of a joint investment platform to boost the group’s growth.
Putin spoke for video conferencing during the 1st session of the Brics State Heads Summit, which began on Sunday (6.Jul.2025) in Rio. He did not present in person because of the arrest warrant issued against him by the TPI (International Criminal Court), which accuses him of war crimes in Ukraine – Achuses that Mosci considers unfounded.
When heading to the heads of state of the groups of the group, the Russian president stated that the International Order “unipolar” “What, according to him, favored the interests of “Gold billion”in reference to the rich nations of the West, is in decline. “It seems that the model of liberal globalization is running out. The center of economic activity is moving to developing markets, which generates a powerful wave of growth.”these.
Among the proposals submitted, the Russian suggested the creation of an investment platform of BRICS and an independent financial compensation system to make transactions faster and safe. According to him, 90% of Russia transactions with Brics countries are already done with national currencies, such as Rublo.
“It is necessary to continue expanding the use of national currencies in mutual transactions. The creation of an independent compensation and custody system within the BRICS would make it possible to make transactions in currency faster, efficient and safe. By the way, the use of national currencies in trade between our countries is growing constantly: by 2024, the participation of ruble and coins of friendly countries in Russia transactions with other members have come to 90%”these.
In the end, Putin thanked the president and the Brazilian presidency for conducting the summit and reaffirmed Russia’s commitment to a “Egalitarian and Multipolar Cooperation”.
Read more about the BRICS summit in the river:
Watch the video and learn what BRICS is (3min36s):
