BRICS nations are accelerating a bold push to upend dollar dominance as Putin and the BRICS Bank leader discuss digital payment platforms and national currency systems reshaping global finance.

Putin and BRICS Bank Head Discuss Payment Platform to Undercut Dollar Dominance

As global economic blocs accelerate de-dollarization efforts and seek to reduce dependence on the U.S. dollar, BRICS nations are intensifying efforts to establish independent payment and investment frameworks. Reflecting this trend, Russian President Vladimir Putin met with head of the BRICS New Development Bank, Dilma Rousseff, on June 18 during the St. Petersburg International Economic Forum, where he addressed the ongoing collaboration on a BRICS digital payment and investment platform.

During their discussions, Putin emphasized the importance of enhancing financial cooperation among BRICS nations through the expansion of national currency payment systems and the development of a unified digital platform. The Russian leader stated:

Certainly, there are issues requiring particular attention, I mean the expansion of opportunities for payments in national currencies and further joint efforts to create the digital platform of payments and investments. We also talked about that in detail at the latest summit of BRICS leaders.

The most recent BRICS leaders summit took place in 2024 in Kazan, Russia. He added: “I strongly expect that we will work jointly in these areas.”