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News > Brazil

Russia Backs Brazilian Plan to Increase Liquidity at BRICS Bank

  • BRICS Bank President Dilma Rousseff (L) and Russian President Vladimir Putin (R), July 26, 2023.

    BRICS Bank President Dilma Rousseff (L) and Russian President Vladimir Putin (R), July 26, 2023. | Photo: Twitter/ @camarotedacpi

Published 26 July 2023

President Putin is confident that the former Brazilian president Dilma Rousseff will successfully develop the BRICS bank despite geopolitical tensions.

On Wednesday, Russian President Vladimir Putin supported the plans to increase liquidity for the BRICS New Development Bank (NDB), which is part of the economic cooperation bloc led by Brazil, Russia, India, China, and South Africa.


Second BRICS Dialogue to Discuss Governance and Multilateralism

"We are aware that the bank's liquidity is on the agenda. There are several ideas... and we will support them," Putin said during his meeting with BRICS NDB President Dilma Rousseff.

The meeting took place at the Constantine Palace in St. Petersburg, where the second edition of the Russia-Africa summit will be held on Thursday and Friday.

Putin expressed confidence that the former Brazilian president will successfully develop "this very important mechanism" despite geopolitical tensions and the use of the U.S. dollar as a "tool of political struggle."

The Russian leader emphasized that the use of national currencies is becoming more common in commercial operations among BRICS countries. "In this regard, the bank could play a role," stated Putin, who will not attend the BRICS summit in South Africa in August.

Rousseff responded that there are no obstacles preventing developing countries from conducting international transactions in their national currencies. The BRICS bank "must play a significant role in the emergence of a multipolar world," she emphasized and highlighted the importance of the Russia-Africa summit for those who believe in developing the Global South.

"It is crucial to pay attention to the debt volume of these countries and their high demand for investment. It is unfair and unacceptable that traditional financial institutions impose conditions on them without the involvement of the BRICS bank," she stressed.

In turn, Putin also underlined that the BRICS countries have no intention of forming alliances against anyone and are solely working in the interests of the BRICS in the financial sphere.

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