The acronym “BRICS” refers to an informal grouping of the five developing economies.
According to Putin, trade between Russia and the BRICS countries increased by 38% and amounted to $45 billion in the first three months of the year.
“Contacts between Russian business circles and the business community of the BRICS countries have intensified,” Putin said. For example, negotiations are underway to open an Indian supermarket chain in Russia [and to] Increasing the share of Chinese cars, equipment and appliances in our market.”
Putin added that the Russian system of messaging between financial institutions is open to linking banks from the five countries, and that Moscow is finding new ways of transactions without relying on currencies such as the dollar or the euro.
“We are working with BRICS partners to develop reliable alternative mechanisms for international settlements,” Putin said.
In his speech, Putin accused the West of neglecting “the basic principles of [the] A market economy is like free trade.
“It undermines commercial interests on a global scale, and negatively affects the well-being of people, in fact, in all countries,” he said.
The BRICS summit, hosted by Beijing, is Putin’s first international forum with the heads of other major economies since he ordered the invasion of Ukraine in late February.
Julia Horowitz contributed to the report.
Geoffrey Chaucer is a contributor to OE Mag, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that matter to them. His work highlights relevant stories, emerging trends, and key issues, presenting them in a balanced, accessible, and reader-friendly way.