KAZAN: Russian President Vladimir Putin opened the expanded BRICS summit in Kazan on Wednesday with a call for an alternative international payment system to counter what he described as the US “weaponizing” of the dollar.
The BRICS summit, aimed at deepening financial cooperation among developing economies, marks one of Putin’s largest international platforms since Russia’s invasion of Ukraine in February 2022.
In his speech, Putin emphasized the growing use of national currencies, noting that nearly 95% of trade between Russia and China is now conducted in rubles and yuan. “The dollar is being used as a weapon. We see that this is happening. It’s a big mistake by those who are doing this,” he said, adding that Russia had no choice but to seek alternatives.
“Aspiring for cooperation, we should still understand that the longer we live and work according to foreign rules and on foreign platforms, the longer this transition to a new and fairer economic and financial system will last, and it may be accompanied by big shocks, including those that we are seeing, in particular, in the Middle East,” Putin said.
The Russian leader’s comments reflect the Kremlin’s push for de-dollarization and the creation of a new payment infrastructure that would bypass the SWIFT system, dominated by Western powers. Such a system would help Moscow evade Western sanctions and continue trading with partners. “We are not the ones fighting the dollar,” Putin said. “But if they don’t let us work with it, we must find other options.”
The three-day summit, attended by 36 countries, including key BRICS members China, Saudi Arabia, India, Brazil, South Africa, Iran, Egypt, and the UAE, comes as Russia seeks to reassert itself on the global stage.
The summit’s agenda focused on financial cooperation, alternatives to Western-controlled payment systems, and regional conflicts. The communique is expected to outline concerns about “unlawful unilateral coercive measures,” including sanctions, and reaffirm the bloc’s commitment to faster, cheaper, and more efficient cross-border payment methods.
In his speech, Chinese President Xi Jinping called for BRICS to become a “primary channel for strengthening solidarity and cooperation” among Global South nations and to play a leading role in global governance reforms. Xi also reiterated China’s commitment to a Brazil-China peace plan for Ukraine.
Meanwhile, UN Secretary-General António Guterres arrived at the summit, drawing criticism from Ukraine for meeting with Putin amid the ongoing war. Kyiv expressed frustration that Guterres had not attended the Ukraine peace conference in July but had chosen to visit Russia.
