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