Russian President Vladimir Putin discussed the proposed creation of a BRICS investment platform to support developing markets at the Valdai Discussion Club’s plenary session in Sochi on Friday. He was quoted by Tass as saying:
We suggest creating a new investment platform of [BRICS countries], using electronic assets, developing them.
“The point is to create such a platform of electronic payments, with the use of which it will be possible to invest in developing markets, and these are primary markets of South Asia, Africa, and Latin America in part,” the Russian leader added. The proposed system would facilitate investments from BRICS nations into high-growth areas by utilizing a digital framework, enabling streamlined investment in these regions.
The BRICS economic bloc expanded on Jan. 1 to include Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), joining Brazil, Russia, India, China, and South Africa. This expansion aimed to boost the group’s global economic and political influence. At a recent summit in Russia, BRICS also extended partnership invitations to 13 additional countries, further widening its international presence.
Putin highlighted that the regions targeted by this initiative exhibit strong demographic and economic potential, factors that make them attractive for BRICS investment. He opined:
We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanization level is in sufficient there and it will definitely grow.
At the 16th BRICS Summit, held from Oct. 22-24 in Kazan, Russia, members discussed expanding the bloc’s global influence, including developing alternatives to Western-dominated payment systems to boost financial independence. Putin has also clarified Russia’s stance on the U.S. dollar, stating that while Russia faces restrictions on its use, it does not intend to abandon the currency. He criticized U.S. policies that limit dollar use, arguing they undermine American financial authority, though he affirmed the dollar’s importance to Russia’s economy.
