Russian President Vladimir Putin urged member states at the BRICS Summit on Thursday to create a unified depository and clearance system for BRICS countries to reduce global reliance on the U.S. dollar, The Guardian reported.
Putin’s push toward de-dollarizing the world economy came during a speech in which he called upon BRICS member nations to deepen their financial cooperation without the involvement of the West.
“The dollar is being used as a weapon,” he said.
Putin’s call to move away from the dollar comes as part of a broader Russian effort to create a settlement and payment system that bypasses SWIFT, the Belgium-based global payment network, The Guardian reported.
Russia’s push for financial independence is also a push to protect the country from Western sanctions imposed after its invasion of Ukraine in 2022.