Putin Aims for Stronger BRICS Trade and Rouble Dominance

Russian President Vladimir Putin emphasizes a boost in trade with Asia, revealing that nearly 40% of Russian external trade is now conducted in roubles. Speaking at the St Petersburg International Economic Forum, he stresses the importance of increasing settlements in BRICS currencies and investing in competitive production and fixed assets.

Russian President Vladimir Putin said on Friday that trade with Asia was soaring and that nearly 40% of Russian external trade was now in roubles as the share done in U.S. dollars, euros and other Western currencies declined.

Putin said Russia would seek to boost the share of settlements done in the currencies of BRICS countries, whose main members are Brazil, Russia, India, China and South Africa. Putin, speaking at the St Petersburg International Economic Forum, said Russia needed to reduce imports by creating competitive production and by boosting investment in fixed assets by 60% by 2030.