Putin Slams Dollar Dominance At BRICS Summit, Calls For Local Currency Trade

Russian President Vladimir Putin railed against dollar dominance and Western sanctions in a prerecorded speech at the BRICS summit. Putin, unable to attend in person due to potential arrest, called for increased use of local currencies for trade.

Putin criticized the trade restrictions placed on Russia over the Ukraine war as illegitimate. He stated these actions trample upon basic norms and rules of free trade, Business Insider reported.

Putin also emphasized the “objective, irreversible process of de-dollarization” of economic ties, adding that summit participants would discuss issues and mechanisms related to local currency trade.

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Putin’s inability to attend the summit in person is due to South Africa’s affiliation with the International Criminal Court, which has an arrest warrant for him. Despite this, Putin’s voice resonated strongly with the audience at the summit.

In light of sanctions against Russia due to its invasion of Ukraine, over 40 countries have shown interest in joining the BRICS bloc as an alternative to Western-led international groupings. Putin commended the bloc as the “global majority,” encapsulating the aspirations of the world community.

BRICS, comprising Brazil, Russia, India, China, and South Africa, represents 40% of the world’s population and a quarter of global GDP.

Photo by Salma Bashir Motiwala on Shutterstock

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