Russian President Vladimir Putin has called for increased use of national currencies in international settlements during discussions with New Development Bank President Dilma Rousseff at the St. Petersburg International Economic Forum.
The meeting focused on strengthening alternative financial systems among BRICS nations as the group seeks to reduce reliance on Western-dominated payment networks.
Putin emphasized the need to develop digital platforms for settlements and investments, building on discussions from the recent BRICS summit in Kazan. “There are issues that require special attention,” Putin stated, referring to expanding national currency settlements and creating digital financial infrastructure. He noted the NDB’s progress in approving 120 projects worth $39 billion since its 2015 establishment.
Rousseff confirmed Russia’s support for her continued leadership of the Shanghai-based bank and outlined expansion plans. The NDB has admitted Uzbekistan and Colombia as new members, with Ethiopia and Indonesia under consideration. The bank maintains partnerships with institutions including the World Bank, following a 2016 cooperation agreement focused on infrastructure development in BRICS countries.
The discussions come as BRICS nations intensify efforts to reshape global financial architecture. The NDB has established regional offices in South Africa, Brazil, India and Russia, with Saudi Arabia expressing interest in joining. Rousseff acknowledged challenges but reaffirmed the bank’s commitment to supporting both public and private sector projects across member states through various financial instruments.
The push for alternative settlement systems reflects growing momentum among emerging economies to establish financial independence. Analysts suggest these developments could gradually alter global economic power dynamics, though significant hurdles remain in creating fully functional alternatives to established financial networks.
