Russian President Vladimir Putin criticized the United States for its abandonment of the gold standard, remarking in a Sputnik-released video that the U.S. dollar is now a trust-based currency without tangible backing, a decision underscored by the absence of gold equivalence. This critique arrives during efforts by BRICS countries to diminish reliance on the U.S. […]
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Putin Says BRICS Developing Independent Payment System Free From Political Pressure
Russian President Vladimir Putin recently announced that the BRICS bloc aims to establish an independent payment system, free from political pressure and external interference. Putin stated that the addition of new members has increased BRICS’ share of global GDP to 36% and its share of the global population to 45%. Putin Announces BRICS Open to […]
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Putin Says US Dollar Dominance Diminishing as Use of ‘Toxic Currencies’ Declines
Russian President Vladimir Putin claims U.S. economic policies are diminishing the dollar’s global dominance. “Last year the share of payments for Russian exports in the unfriendly states’ so-called toxic currencies was halved,” he revealed, labeling the U.S.’s trillion trade deficit as modern neocolonialism and emphasizing Russia’s shift towards using the ruble and local currencies […]
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‘Really Stupid and a Huge Mistake:’ Putin Blasts US Actions Blocking Payments to China; Exporters Turn to Small Banks and Crypto
Russian President Vladimir Putin charged against the U.S. actions seeking to block Russian payments to China and other countries. During a two-day trip to China, the Russian leader emphasized that this strategy was “really stupid and a huge mistake,” considering that these actions affected the status of the U.S. dollar as a reserve currency. Russian […]
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Russian President Putin Discusses Dedollarization — Calls US Dollar Weaponization a ‘Grave Mistake’
Russian President Vladimir Putin says the U.S. dollar is the main weapon used by the United States to preserve its power across the world. However, he stressed that when “the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American power.” He called it a […]
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Russian President Putin: Western Financial System Dying, Major Western Banks Will Be Deprived of Their Monopoly
Russian President Vladimir Putin has stated that the Western financial system is “clearly becoming obsolete.” Furthermore, he said solutions involving blockchain and central bank digital currencies (CBDCs) “will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly.”
Putin on Western Financial System
Russian President Vladimir Putin shared his view about the Western financial system during the plenary session of the “Russia Calling” forum in Moscow on Thursday.
Describing the Western financial infrastructure as “decades-old” and largely controlled by the dollar and the euro, with transactions through Western banks and SWIFT, Putin stated: “Today, transactions in national currencies are effectively replacing this system. Of course, this is still a work in progress, which is obvious, but we are moving in this direction and this process is poised to gain momentum.” The Russian president emphasized:
The Western financial system is clearly becoming obsolete from a technological perspective. It has remained so complacent for so long and has become used to its monopoly and exceptionalist nature and that there were no alternatives that it has grown used to keeping everything as it is. This made it obsolete, or at least it is about to become archaic and obsolete.
“What we want is to create a new model, a truly democratic model where honest competition between all economic players will dominate. This change in the global economic landscape and the rise of new leaders are an objective and to a large degree predictable process,” Putin added.
“As far as international transactions are concerned, we are increasingly converting to advanced solutions, including those involving blockchain and digital currencies through central banks,” the Russian president continued, elaborating:
According to analysts, this will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly. We see that these lenders are not in their best shape, at least some of them.
What do you think about the statements by Russian President Vladimir Putin? Let us know in the comments section below.
Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing
Russian President Vladimir Putin has stated that the U.S. dollar-based global financial system is gradually collapsing. “After all, a currency is a derivative of the power of the economy of the country that issues this currency,” Putin noted, emphasizing: “The share of the American economy in world GDP is declining.” In contrast, the Russian president highlighted the increasing share of BRICS countries in terms of purchasing power parity compared to the G7 countries.
Putin on U.S. Dollar-Based Financial System Collapsing
Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday that the global financial system based on the U.S. dollar is gradually collapsing.
“The Bretton Woods system is outdated,” Putin said (translated by Google), noting that he is not the only one with this view, as Western experts also share this perspective. The Russian president added:
This Bretton Woods system was created on the basis of the dollar, but it is all gradually collapsing. After all, a currency is a derivative of the power of the economy of the country that issues this currency.
“The share of the American economy in world GDP is declining. This is also an obvious thing, this is statistical data,” he stressed.
In contrast, Putin emphasized that the share of the BRICS countries “in terms of purchasing power parity in relation to the share of the G7 countries, is increasing, especially after the admission of new members to the organization.” He pointed out: “This is already a serious meaning, the difference is quite serious.”
The BRICS economic bloc recently extended membership to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). At the conclusion of the BRICS summit in August, the leaders of Brazil, Russia, India, China, and South Africa declared “the importance of encouraging the use of local currencies in international trade and financial transactions.”
Commenting on the BRICS group creating a common currency, the Russian president opined:
For BRICS, we now need not to create a single currency, but we need to establish a settlement system, create financial logistics in order to ensure payments between our states, switch to payments in national currencies.
Putin further shared: “Yesterday we discussed this issue with our experts, including the possibility of creating a single BRICS currency. Theoretically, yes, it’s probably possible, but in order to ever approach this, we need to achieve a certain parity in the development of the economies of our countries, but this is a very long-term prospect.”
What do you think about the statements by Russian President Vladimir Putin? Let us know in the comments section below.
Russian President Putin to BRICS Leaders: Irreversible Process of De-Dollarization Gaining Steam
Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.”
Putin Participating at BRICS Summit
The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year.
Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater share in global GDP than the so-called Group of Seven [G7] in terms of purchasing power parity. Over the past decade, BRICS countries have doubled their investment in the global economy, and their total exports have reached 20 percent of the global total.”
Noting that “The partner countries are successfully implementing their Strategy for BRICS Economic Partnership 2025 [BRICS Strategy],” Putin stressed:
In particular, they are strengthening five-sided cooperation in such areas as diversification of supply chains, de-dollarization and the transition to national currencies in mutual transactions, digital economy, support for small and medium-sized businesses, and fair technology transfer.
The BRICS Strategy “defines a development path of BRICS and sets the framework for cooperation of its members in accordance with current economic trends and conditions,” the economic bloc previously explained.
Putin also emphasized the importance of shaping a multipolar world order. “Importantly, we are all united in our commitment to shaping a multipolar world order with genuine justice, based on the international law and in keeping with the key principles set forth in the UN Charter, including sovereignty and respecting the right of every nation to follow its own development model,” he said, adding:
We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.
On Tuesday, Putin also told the BRICS Business Forum, one of the key events at the BRICS summit:
A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control.
“As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year,” the Russian president noted.
What do you think about the statements by Russian President Vladimir Putin at the BRICS summit? Let us know in the comments section below.
Xi Jinping, Vladimir Putin Advancing China-Russia Strategic Partnership, Says Chinese Official
Chinese leader Xi Jinping and Russian President Vladimir Putin “will continue to advance the China-Russia comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. The two leaders are set to participate in next week’s BRICS summit.
Xi and Putin Advancing China-Russia Cooperation
Chinese foreign ministry’s spokesperson Wang Wenbin said at a press conference Monday that Russian President Vladimir Putin and Chinese leader Xi Jinping are advancing the strategic partnership between China and Russia. Putin is scheduled to visit China in October.
“The presidents of China and Russia have maintained strategic communication in various ways,” Wang explained. “Their discussions cover a rich and comprehensive range of topics. High-level exchanges have proceeded in an orderly manner with extensive exchange of views on bilateral cooperation and issues of mutual interest.” The Chinese official emphasized:
The two sides will continue to advance the China-Russia comprehensive strategic partnership of coordination for a new era under the strategic guidance of the presidents of the two countries.
Both Xi and Putin are expected to participate in the BRICS summit that will take place in Johannesburg on Aug. 22-24. However, Putin will not attend in person. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.
South African Foreign Minister Naledi Pandor has revealed that the BRICS summit’s agenda will include discussions about the expansion of the economic bloc. South Africa is the host of the BRICS summit this year.
A total of 23 countries have applied for BRICS membership: Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia.
South Africa’s President Cyril Ramaphosa has invited 67 leaders of countries in Africa, Latin America, Asia, and the Caribbean to the summit. In addition, 20 representatives of major international organizations have been invited, including the secretary-general of the United Nations, the chairperson of the African Union Commission, and the president of the New Development Bank, also known as the BRICS Bank.
What do you think about Chinese President Xi Jinping and Russian leader Vladimir Putin advancing the China-Russia strategic partnership? Let us know in the comments section below.
Putin and Ramaphosa Discuss BRICS Summit, Trade and Cooperation; Russian President to Join via Video Link
Russian president Vladimir Putin and South African president Cyril Ramaphosa recently addressed cooperation, trade, and preparations for the upcoming BRICS summit. The two leaders conversed about practical cooperation and the expansion of the organization, reflecting a shared commitment to international engagement. While Putin won’t be attending the conference in person, he will be represented via video link and by Russian foreign minister Sergey Lavrov’s attendance.
Putin Opts for Virtual Presence at BRICS; Engages Ramaphosa on Bloc’s Future
Russian president Vladimir Putin and South African president Cyril Ramaphosa engaged in a detailed conversation about cooperation and the upcoming BRICS summit by telephone. Scheduled to be held in Johannesburg on August 23-24, the summit is set to discuss the BRICS bloc’s expansion, among other topics.
“The sides reiterated their commitment to further constructive cooperation on the current international agenda,” Russian media publication Tass quotes the Kremlin press service as saying.
Putin confirmed that he would not attend the summit in person, explaining that his presence in Russia was more critical. Russian foreign minister Sergey Lavrov will represent Moscow in person, while Putin will participate via video link. The dialogue between Putin and Ramaphosa came on the heels of their July 29 encounter and the earlier Russia-Africa summit, convened in St. Petersburg.
Ramaphosa expressed a favorable evaluation of the summit’s outcomes, underlining the burgeoning relationship between Russia and South Africa. A principal subject at the summit will pertain to the organization’s growth. Additionally, BRICS has been concentrating on de-dollarization, and this issue is poised to be a focal point at the impending event.
The alliance is engaged in deliberations about the establishment of a new reserve currency underpinned by gold, and the strategic coordination of the development of central bank digital currencies (CBDCs).
A push for currency diversification also stands out, as BRICS nations are actively striving to reduce dependence on the U.S. dollar by endorsing the utilization of alternative currencies like the ruble and the yuan. Even in the face of obstacles to de-dollarization, the BRICS collective remains resolute in its course and has a history of surpassing expectations.
How do you perceive the strategic moves discussed by Putin and Ramaphosa ahead of the BRICS Summit? Could the focus on currency diversification and organizational growth reshape international economic dynamics? Share your thoughts and opinions about this subject in the comments section below.