Putin Advocates for Expanded Use of Local Currency Settlements and Proposes New BRICS Investment Platform

On July 6, local time, Russian President Vladimir Putin participated in the 17th BRICS Leaders’ Summit via video link. During his address, he put forward several proposals, including the development of an independent settlement and custody system within the BRICS framework, as well as a strong push to expand the use of local currency settlements.

Putin highlighted that, in 2024, 90% of the settlements between Russia and other BRICS countries were conducted in rubles and the currencies of "friendly nations." He also called for an increase in bilateral investment among member countries and proposed the creation of a new BRICS investment platform.

Additionally, Putin suggested initiatives to establish a carbon market partnership, an investment arbitration center, a fair competition platform, and a permanent tax secretariat under the BRICS framework. He also noted that Brazil would continue the initiatives proposed during Russia's BRICS chairmanship last year, including the launch of a special consultation mechanism on World Trade Organization issues, the establishment of a BRICS grain exchange, a climate research center, a permanent logistics platform, and the advancement of sports cooperation programs.