BRASILIA – The ruble could be used more actively in financial transactionsbetween the BRICS countries as Russia enjoys a stable macroeconomicsituation and the Russian currency is fully convertible, President VladimirPutin said Thursday.
“I would like to emphasize that the Russian national currency – the ruble -is fully and freely convertible to any world currency.
Bearing in mind the stable macroeconomic situation in our country, theruble can be an additional means of payment between our countries and fullycomplies with all these requirements,” said Putin at a meeting with membersof the BRICS business council and the New Development Bank officials duringthe BRICS summit in Brazil.
Vladimir Putin is taking part in the ongoing two-day summit of BRICS memberstateslink—Brazil, Russia, India, China, and South Africa — in Brasilia, Sputnik hasreported.
[image: A Russian ruble coin is pictured in front of St. Basil cathedral incentral Moscow]For the last two years, several countries have announced theirintention to reducethe use of the US dollarlinkintheir trade with partners, in part due to Washington threatening sanctionson those, who trade with Iran and Venezuela. Among them are Russia andother BRICS states, as well as Turkey and Iran, which was slapped withhefty US sanctions in November 2018.
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Russian President Vladimir Putin earlier argued during the St. PetersburgInternational Economic Forum in 2019 that the era of global “dollardominance” might come to an end soon.
He opined that this could happen due to Washington “abusing” the status ofits currency to punish those that the US doesn’t like.
