Putin asserts BRICS 'huge potential', says more countries withstanding Western hegemons

President Vladimir Putin has touted BRICS — a bloc comprising Russia, Iran, India, China, Brazil, and South Africa — and said the alliance, which is a geopolitical counterweight to Western power and influence, has a large potential for attracting new members.

The Russian leader was addressing the annual Saint Petersburg International Economic Forum (SPIEF).

Putin said he welcomes all new members to the economic bloc, adding that he will do everything in his power to add fresh members to the group.

He said trade between Russia and Asia was soaring, adding that trade conducted in Western currencies such as the dollar and euro had dropped to half.

"Last year, the share of the so-called 'toxic' currencies of unfriendly nations in payments for Russian exports halved."

He said currently nearly 40 percent of Russia's foreign trade was in rubles, and Russia would seek to boost the share of settlements conducted in the currencies of BRICS countries.

"Overall, countries friendly to Russia, those are the ones we need to pay most attention to, the countries that are growing fast and will shape the future of the global economy, those countries account for more than three quarters of our trade turnover," he said.

President Raeisi: Benefits of Iran's membership in BRICS will be 'historic'

President Raeisi says Iran offers unique trade, energy and transit opportunities for the members of the BRICS.

BRICS' founding countries of Brazil, Russia, India, and China held the first summit in 2009, with South Africa joining the bloc a year later.

Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates joined the BRICS bloc at the start of this year, with 44 other nations such as Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam having reportedly expressed interest in joining the bloc.

BRICS currently has a combined population of about 3.5 billion people, with a combined economy worth over $28.5 trillion or about 28 percent of the global economy.

Putin slammed the United States saying Washington had undermined the reliability of US monopolized global market and financial payments system and the world is ready for an economic shift to a multi-polar system.

"The dollar is one of a few tools of the United States' greatness today. They are driving global economic players away from the dollar," he said.

Putin said, "Because it (the US economy) is shrinking, its share in the world economy is shrinking, it is absolutely natural that the world economy and finance is moving towards a multi-polar system."

He criticized Western countries for using unfair means to maintain their economic lead and underscored the fact that the United States had $54 trillion debt to the world economy.

The Russian president announced the development of a new payment system that was not subjected to political pressure and interference from external sanctions.

According to the Russian leader, reliance on domestic currencies by the so-called Global South would finally free these nations from the Western hegemony known as Bretton Woods and guarantee financial security and higher market efficiency.

Iran-Russia deal, BRICS expansion spell demise of dollar

De-dollarization would neutralize US sanctions against countries such as Iran and Russia and ease up commercial exchanges among them.

The Russian president asserted that, "Together with our foreign partners we will increase the use of national currencies in foreign trade settlements, increase the security and efficiency of such operations, including within the framework of BRICS. We are working on creating an independent payments system that would be immune to political pressure, abuse, and external interference through sanctions."

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