Official announcements from the BRICS summit or government press releases

Putin Aims to Challenge Dollar at 15th BRICS Summit in Kazan with New Digital Currency Initiative

Oct 21, 2024, 12:58 PM

Ahead of the upcoming BRICS summit in Kazan, Russian President Vladimir Putin is focusing on strengthening ties with China and promoting a new digital currency aimed at reducing dependency on the US dollar. As the BRICS group, which includes Brazil, Russia, India, China, and South Africa, enters its 15th year, Putin is optimistic that the summit will facilitate discussions on a new settlement system utilizing a basket of digital currencies for trade among BRICS+ nations. This initiative is part of Russia's broader strategy to challenge the dominance of the dollar in global finance, a move that reflects its shifting economic alliances and the impact of sanctions imposed due to its actions in Ukraine.