This week, the leaders of Brazil, Russia, India, China and, South Africa (BRICS) met in the city of Kazan, Russia for an annual summit consisting of talks on diplomacy, trade, and peace.
Russian President Vladimir Putin, who is hosting the summit, is reportedly trying to persuade the other BRICS countries to start using alternative, local trading currencies and break away from the U.S. Dollar.
“The growth of payments in local currencies makes it possible to reduce the debt service fee, increase the financial independence of BRICS member countries, and also to mitigate geopolitical risks to the greatest extent possible and, as much as possible in the current world, separate economic development from politics,” Putin said Tuesday.
Among other developments, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed to increase cooperation between their two countries, marking their first formal talk in five years.
While BRICS initially consisted of Brazil, Russia, India, China, and South Africa, it has expanded in recent years to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia.
