BRICS Ready to Challenge US Dollar Says Putin

Russian President Vladimir Putin has said that Russia is ready to join forces with its partners to counter the excessive domination of the limited number of reserve currencies.

Putin made his comments in his article published in the run-up to the BRICS summit.

Russia Insider reports:

“We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies. We will also work towards a more balanced distribution of quotas and voting shares within the IMF and the World Bank,” Putin said in his article, headlined “BRICS: Towards New Horizons of Strategic Partnership,” to be published by the leading media of the BRICS states (Brazil, Russia, India, China and South Africa) ahead of the group’s summit due on September 3-5 in China.

Unfairness of global financial architecture

According to the Russian leader, Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies.

“I am confident that the BRICS countries will continue to act in a consolidated manner against protectionism and new barriers in global trade,” he said. “We value the BRICS countries’ consensus on this issue, which allows us to more consistently advocate the foundations of an open, equal and mutually beneficial multilateral trade system and to strengthen the role of the WTO as the key regulator in international trade.”

The president said that Russia’s initiative on the development of cooperation among the BRICS countries’ antimonopoly agencies is aimed at creating effective mechanisms to encourage healthy competition.

“The goal is to create a package of cooperation measures to work against the restrictive business practices of large multinational corporations and trans-border violations of competition rules,” he said.

Role of New Development Bank

The Russian leader said that a BRICS Strategy for Economic Partnership, which is currently being successfully implemented, was adopted at the summit in the Russian city of Ufa in 2015.

“We hope to be able to discuss new large-scale cooperation tasks in trade and investment and industrial cooperation at the Xiamen Summit,” Putin said.

He added that Russia is interested in promoting economic cooperation within the BRICS format.

“Considerable practical achievements have been recently reported in this area, primarily the launch of the New Development Bank (NDB). It has approved seven investment projects in the BRICS countries worth around $1.5 billion,” Putin said.

  • nooraza othman

    I pray that the ever great and brave Russian President Vladimir Putin and Chine President Xi Jinping – will be guarded very tightly; from the ever evil and murderous ZNWO! BRICS should create their own BRICS World Bank and BRICS Monetary Fund too.

    That’s why the ZioNa*i NATO/CIA-MOSSAD-MI6 agents raped/tortured and murdered one of the greatest Arab-African Independence leader, the late pro-Russia and Anti-Western/IS-rael Imperialism, President Col. Muammar al-Gaddafi.

    President Gaddafi’s great contribution in founding the African Union in 2002, and later on, influencing it further towards greater African Unity under pan-Africanism movement that include the gradual setting up of a single gold-backed African currency by 2028 (especially Petro-gold based currency) and the planned contribution of Libyan Government under President Gaddafi to the creation of the African Investment Bank, the African Monetary Fund and the African Central Bank – in order to challenge the IMF and World Bank – were also regarded as massive threats to ZNWO (thus is why $30 billion Libyan Government
    asset was then frozen by the evil Obama robber regime just before the murderous NATO invasion.).Yes, there it is, the most hidden fact is, which has deceived the Muslim World so cunningly, is that actually the Arab Spring began in December 2010 –
    right after the very important Five-party Arab Summit in mid 2010 as led by President Gaddafi, towards strengthening Arab/Islamic Unity and the strengthening of the Arab World’s relationship with Russia under President Gaddafi-led Arab League – thus the evil ZNWO (ZioNazi New World Order) then created the Arab Spring, in December 2010! See –

    1. at – Newsbud Exclusive- The ‘Humanitarian’ Destruction of Libya – Part 3: The War on Africa


    Bas Spliet | June 8, 2017;

    at – It’s Official: “Arab Spring” Subversion is US Funded, Doubts laid to rest;
    counter revolutions to come

    by Tony Cartalucci, Bangkok, Thailand

    Land Destroyer

    April 15, 2011.

    • nooraza othman

      And this is what the Yemen War is about! And see how it is linked to the expanding of NATO bases in the Arab World; and the link also to the CIA/MOSSAD-created Arab Spring that began in Dec. 2010, that resulted in the toppling of pro-Russia President Ali Abdullah Saleh of Yemen in 2012 and Pro-Russia Egyptian President Hosni Mobarak of Egypt in 2011 (who wanted to develop Nuclear power with Russia); and ultimately the savage Imperialist murder/torture and rape of pro-Russia President Gadddafi in 2011, by US/NATO/IS-ra*l.

  • antarcticus

    Excessive headline. Here is the full text of Putin’s speech at BRIC conference: