The acronym “BRICS” refers to an informal grouping of the five developing economies.
According to Putin, trade between Russia and BRICS countries increased by 38% and reached $45 billion in the first three months of the year.
“Contacts between the Russian business community and the business community of the BRICS countries have intensified,” Putin said. “For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and materials in our market.”
Putin added that Russia’s messaging system between financial institutions is open for banks from all five countries to connect and that Moscow is finding new ways to transact without relying on currencies such as the dollar or euro.
“Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements,” Putin said.
In his address, Putin accused the West of neglecting “the basic principles of [the] market economy” such as free trade.
“It undermines commercial interests globally, negatively affecting the well-being of people, in fact, all countries,” he said.
The BRICS summit, hosted by Beijing, is Putin’s first international forum with the heads of other major economies since he ordered the invasion of Ukraine in late February.
— Julia Horowitz contributed reporting.