Putin: irreversible de-dollarization across BRICS is gaining steam

JOHANNESBURG /South Africa/, August 22. (ST)- The de-dollarization process is becoming irreversible across BRICS nations, Russian President Vladimir Putin said in a video address to participants of the BRICS Business forum.

“A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control. As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year,” he said.

The Russian president announced that during the BRICS summit leaders of member states will discuss in detail the whole range of issues related to the shift to national currencies in all areas of economic cooperation.

He in addition affirmed that his country is ready to go back to being a part of the grain deal, but only under the condition that all the obligations to the country are fulfilled.

“Since July 18, we have refused to further extend this so-called deal and will be ready to return. But [we will be ready] to return – only in the case of the actual fulfillment of all obligations to the Russian side,” he stressed.

Putin highlighted the fact that Russia is deliberately obstructed from supplying grain and fertilizers abroad, but at the same time it is hypocritically accused of causing the current crisis situation on the world market. These talking points showed up in the implementation of the grain deal, which was originally aimed at ensuring global food security, reducing the threat of hunger and helping the poorest countries, the Russian leader said.

“We have repeatedly drawn attention to the fact that during the year, as part of the deal with Ukraine, a total of 32.8 million tons of cargo was exported, of which more than 70% went to countries with high and upper middle income levels, including primarily the European Union. Only about 3% went to the least developed countries – that is, less than 1 million tons,” he cited the statistics.

The Russian President stated that none of the terms of the deal regarding the removal of sanctions from Russian exports of grain and fertilizers to world markets had been fulfilled. “Obligations to Russia in this regard were simply ignored. They even prevented us from transferring mineral fertilizers blocked in European ports free of charge, although it was a purely humanitarian act, to which no sanctions should apply in principle,” Putin said.

BRICS comprises Brazil, Russia, India, China, and South Africa.

Source : TASS

Compiled by: Basma Qaddour