Putin Opts for Virtual Presence at BRICS; Engages Ramaphosa on Bloc’s Future
Russian president Vladimir Putin and South African president Cyril Ramaphosa engaged in a detailed conversation about cooperation and the upcoming BRICS summit by telephone. The summit, scheduled to be held in Johannesburg on August 23-24, will discuss the BRICS bloc’s expansion and other topics. Putin confirmed that he would not attend the summit in person but would participate via video link. Ramaphosa expressed a positive evaluation of the summit’s outcomes and the growing relationship between Russia and South Africa. The summit will focus on the establishment of a new reserve currency underpinned by gold, the development of central bank digital currencies (CBDCs), and currency diversification to reduce dependence on the U.S. dollar.
Key Points:
- Putin and Ramaphosa discussed cooperation and the upcoming BRICS summit.
- The summit will address the expansion of the BRICS bloc.
- Putin will participate in the summit via video link.
- The summit will focus on the establishment of a new reserve currency and the development of CBDCs.
- BRICS nations are striving to reduce dependence on the U.S. dollar through currency diversification.
Hot Take:
The decision for Putin to participate in the BRICS summit virtually reflects the importance of his presence in Russia. The summit will provide an opportunity for BRICS nations to discuss their expansion plans and address the challenges of de-dollarization. The focus on establishing a new reserve currency and developing CBDCs shows the alliance’s determination to reshape the global financial landscape. By actively promoting currency diversification, BRICS nations aim to reduce their reliance on the U.S. dollar and establish alternative currencies as viable options. The outcome of the summit will have significant implications for the future of the BRICS bloc and its role in the international economic order.
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