Russian President Vladimir Putin announced on Friday that the BRICS group remains open to accepting new member countries, emphasising that no interested nation would be excluded. This statement comes as Putin prepares to host a BRICS summit next week, where the group—originally consisting of Brazil, Russia, India, China, and South Africa—has already expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates.
Putin highlighted the strong cooperation between Russia and China, calling it a key factor in promoting global stability. He outlined several initiatives that Russia aims to advance at the upcoming summit, such as a joint cross-border payments system and a reinsurance company. The focus is on developing a financial messaging system similar to SWIFT but resilient to Western sanctions, alongside promoting the use of national digital currencies for investment projects within and beyond BRICS.
While discussing financial strategies, Putin downplayed the idea of creating a single currency for BRICS, calling such a move “premature” and instead emphasizing the expanded use of national currencies.
He also urged the New Development Bank, BRICS’ multilateral development institution, to invest more in technology and infrastructure, particularly across the Global South. According to Putin, the bank serves as an alternative to Western financial systems, and Russia plans to strengthen this role further.
Putin also promoted Russia’s transport megaprojects, including the Arctic Sea Route and the North-to-South corridor, which links Russia to the Gulf and Indian Ocean through the Caspian Sea and Iran. He described these projects as vital for boosting trade between Eurasian and African regions.
