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BRICS nations finding new ways to transact: Putin

Putin says finding alternatives to euro, US dollar

China Russia BRICS Russian President Vladimir Putin addressing virtually at the BRICS summit | AP

 Addressing virtually in the BRICS summit on Wednesday, Russian President Vladimir Putin said that the BRICS nations are finding new ways for its transaction without depending on US dollars or euros.

Putin said Russia is 'rerouting' its trade to reliable partners like India and China as the west tries to sever economic ties (in the wake of Russia's attack on Ukraine).

CNN quoted the Russian president saying, “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries.” Putin said trade between Russia and BRICS nations increased by 38% and they did business to the tune of $45 billion in the first three months of the year.

He added, “negotiations are underway to open Indian chain stores in Russia (and to) increase the share of Chinese cars, equipment and hardware on our market.” China's crude imports from Russia soared to a record level in May, ousting Saudi Arabia as the country's top supplier, CNN reported.

Moscow is finding new ways to transact without relying on currencies such as the dollar or the euro. Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements," Putin was quoted saying by CNN.

In his address, Putin accused the West of neglecting "the basic principles of market economy" such as free trade. "It undermines business interests on a global scale, negatively affecting the wellbeing of people, in effect, of all countries," he said.

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