Vladimir Putin talks about alternative international payment systems and de-dollarization in his opening remarks at the BRICS Summit. He suggested that this would stop the US from using the dollar as a political weapon.
“The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this.” Vladmir Putin
Putin, while speaking at the summit happening in Kazan said that the trade between Russia and China is now conducted up to 95% in ruble and yuan.
According to the summit report, there hasn’t been much development or agreement on the proposed alternative payment system to avoid dependence on US dollar for international payments. As this proposition has raised doubts in some BRICS members, specifically India and Brazil.
Brazil and India want to keep BRICS neutral rather than becoming out right anti-western.
