Steps towards the creation of an alternative financial system aimed at allowing nations to develop is center stage on the agenda of this year’s BRICS Summit. For example: Russian President Vladimir Putin and top members of his government held a pre-summit meeting today with the President of the BRICS’ New Development Bank, former Brazilian President Dilma Rousseff. Rousseff is set to actively participate in the discussions with the BRICS leaders on this subject.
Seven Russian officials attended that meeting, according to the Kremlin report: Foreign Minister Sergey Lavrov, Deputy Prime Minister Alexei Overchuk; Deputy Chief of Staff of the Presidential Executive Office, Special Representative of the President of the Russian Federation for Financial and Economic Cooperation with BRICS States and Interaction with the New Development Bank Maxim Oreshkin; Presidential Aide Yury Ushakov; Minister of Finance Anton Siluanov; Central Bank Governor Elvira Nabiullina: and Director of the Latin America Department at the Foreign Ministry Alexander Shchetinin.
Putin’s and Rousseff’s opening statements were the only other news reported by the Kremlin. Putin noted that they had last met “in June of this year in St. Petersburg, on the sidelines of the International Economic Forum, where we deliberated on matters pertaining to the future operations of the Bank,” and elaborated:
“We hold in high regard the accomplishments you have achieved in recent years. It is, indeed, a strong, evolving and promising financial institution. Since 2018, the Bank has funded about 100 projects, amounting to a total of $33 billion. The increase in the share of settlements denominated in national currencies helps reduce debt servicing costs, strengthen the financial independence of BRICS states, and minimize geopolitical risks, that is, free economic development from political influence, as much as possible in today’s world.
“As the BRICS chair this year, we anticipate your active engagement in the leaders’ meeting at the BRICS summit in Kazan. As you are aware, your meeting with the leaders and your presentation on the Bank’s operations are also scheduled.”
