Peskov Says 90% of Russia-BRICS Transactions Use National Currencies

Russia is not seeking to completely move away from the US dollar and remains open to various acceptable payment methods for international transactions, Kremlin spokesperson Dmitry Peskov said on Tuesday.

Speaking virtually to Indian journalists ahead of the upcoming BRICS leaders’ summit in New Delhi, Peskov said Moscow was prepared to work with different payment arrangements depending on what is acceptable to the countries involved.

He also noted that some countries have been using their national currencies as political instruments, without naming any specific country.

Putin to Attend BRICS Summit in New Delhi

Russian President Vladimir Putin is scheduled to attend the BRICS leaders’ summit in New Delhi on September 12 and 13.

Peskov said Putin’s agenda at the summit will include discussions on security, economic cooperation, finance and cultural ties.

The Russian president is also expected to hold bilateral talks with Indian Prime Minister Narendra Modi on Friday. Trade and economic cooperation are expected to be among the key subjects of the meeting.

90% of Russia-BRICS Transactions Use National Currencies

Peskov said around 90% of transactions between Russia and other BRICS member countries are conducted using national currencies.

The growing use of local currencies has also resulted in Russian companies accumulating Indian rupees because of the trade imbalance between the two countries. Peskov said efforts to resolve the issue are progressing gradually.

The comments come as BRICS countries continue to strengthen financial and trade cooperation and explore alternatives that can reduce their dependence on external financial systems.

Su-57 Fighter Jet Deal on India-Russia Agenda

Defence cooperation is also expected to be discussed during the upcoming India-Russia talks.

Peskov said the potential sale of Russia’s Sukhoi Su-57 stealth fighter aircraft to India is among the issues on the bilateral agenda.

BRICS Membership

The BRICS grouping currently comprises Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Indonesia, Iran and the United Arab Emirates.

The bloc has increasingly focused on expanding economic, financial and diplomatic cooperation among its members.