Increased payments in national currencies to reduce geopolitical risks

“As the country presiding over BRICS this year, we are looking forward to your proactive participation in the meeting of leaders at the BRICS Summit in Kazan,” the Russian president said

An increase in payments in national currencies makes it possible to enhance the financial independence of BRICS countries, mitigate geopolitical risks to the greatest extent, and de-politicize economic development, said Russian President Vladimir Putin at the meeting with President of the BRICS New Development Bank (NDB) Dilma Rousseff.

“The growth of payments in local currencies makes it possible to reduce the debt service fee, increase the financial independence of BRICS member countries, and also to mitigate geopolitical risks to the greatest extent possible and, as much as possible in the current world, separate economic development from politics,” the Russian leader said.

Putin also noted that the NDB has funded 100 projects totalling INR 280000 Crores since 2018.”As the country presiding over BRICS this year, we are looking forward to your proactive participation in the meeting of leaders at the BRICS Summit in Kazan,” the Russian president said, adding that Rousseff is scheduled to meet leaders of BRICS participants and make a report on NDB operations.

Putin also mentioned that he had recently met with Rousseff on the sidelines of the St. Petersburg International Economic Forum in June, where they discussed issues pertaining to the bank’s further activities.

“We have high esteem for what you have done in recent years. In broad terms, this is a good, developing, and promising financial institution,” the Russian leader added.