Putin: The irreversible process of de dollarization among BRICS countries
On August 22nd local time, Russian President Putin stated in a video speech at the BRICS Business Forum that the "de dollarization" process between BRICS countries is irreversible and is accelerating.
Putin said, "We are working hard to establish effective mechanisms for mutual settlement and financial and monetary regulation, and the share of the US dollar in the import and export business of BRICS countries is decreasing, from only 28.7% last year."
Putin stated in his speech that cooperation among BRICS countries with the support of equal partners and respect for each other's interests is a strategic direction for the future, in line with the mainstream vision of the "global majority" in the international community.
Putin pointed out that in the past decade, mutual investment among BRICS countries has increased sixfold, overall investment in the global economy has doubled, and total exports account for 20% of the world.