BRICS want to change global monetary order: Putin

(From Press Trust of India)

BRICS countries have no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay western fears.

Putin says BRICS has no plans to form military, political alliance

Russian President Vladimir Putin says BRICS has no plans to form military or political alliance

He, however, emphasised that the grouping of Brazil, Russia, India, China and South Africa, having “coinciding strategic interests”, wants to change the global monetary order which depends a lot on the US dollar.

“I would like to stress that we do not have any plans to form a BRICS military and political alliance,” Putin said ahead of the summit of the five-nation grouping in Ufa, Russia.

Putin’s remarks came as Moscow is locked in a bitter standoff with the West over the Ukraine crisis that has seen him given the cold shoulder by the EU and the United States.

He said the BRICS countries intend to strengthen the political element of their cooperation and for that the member nations will develop the practice of mutual consultations and joint actions in international organisations, beginning with the UN.

“In the long term, we will create a virtual BRICS secretariat,” he said in an interview to Russian news agency Tass.

Asked how solid a union of countries could be if the majority of them do not have common borders, the Russian President said, “In the modern world, the factor of common borders does not play a defining role. On the contrary, global processes encourage us to join efforts as challenges and problems become shared. In the BRICS case, we see a whole set of coinciding strategic interests.”

He said the first common intention is to reform the international monetary and financial system.

“In the present form, it is unjust to the BRICS countries and to new economies in general. We should take a more active part in the IMF and the World Bank’s decision-making system.

“The international monetary system itself depends a lot on the US dollar, or, to be precise, on the monetary and financial policy of the US authorities. The BRICS countries want to change this,” Putin said.

“In the year since the Durban Summit, we have managed to achieve significant progress in this direction. In the near future, we expect to finalise all the remaining issues and we will be able to use this Bank’s potential to realise major projects in our countries,” he said.

Putin said another important initiative that is underway is creating a BRICS pool of foreign currency reserves. “It will become a safety net to help us form a joint response to economic challenges.”

The President underlined that both the New Development Bank and the foreign currency reserves pool are practical steps for the BRICS countries, “intended to strengthen international financial architecture and to make it more balanced and just.”

“Another long-term common interest of the association’s members is strengthening the rule of international law and the UN’s leading role in the international system. To be honest, without Russia’s and China’s principled position on Syria in the Security Council, the events in that country would have followed the Libyan and Iraqi scenario,” he said.

Talking about the BRICS’ New Development Bank, he said the initiative to establish it is aimed at expanding cooperation in this sphere.

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  • Mr. Bernard Wijeyasingha

    No matter how one looks at the growing clout of the BRICS group, her bank the New Development Bank, the Sino Russian Alliance forged by the Russian CSTO and the Chinese SCO, including the AIIB (Asian Infrastructure and Investment Bank) to the ICBC (Industrial and Commercial Bank of China), which is the largest bank in market value and total assets is significant. The increasing bilateral trade not using the dollar, is equally significant.
    There are too many articles of the possible crash of the US dollar, These articles appeared well before the Greek crisis and the possibility of the Euro becoming irrelevant. Under these circumstances, the wisest thing to do is create an alternative.


    Ever notice how Putin LOVES Kissinger? That is one of many clues that
    this whole thing stinks. The fact is that China is being led to believe
    that they are going to rule over the United States. But they are being
    swindled. More importantly. The CIA is using the Internet as a project
    to deceive the public 100% and as psychological warfare. Your brains are
    being washed out right now. Before its over, you will prefer LIES over
    the TRUTH. But you won’t know they are lies. To you, those lies WILL BE

    That my friends is how they are going to trick the
    world into voluntarily walking into a new “Heaven” on Earth. Thinking
    its the solution to our problems. But this whole thing is fully
    perpetrated and backed by the same elites. They are flaunting their
    evil, creating a record number of hoaxes and false flags. Leading on the
    public to believe there are more than one side. But the fact is that
    the only side that isn’t associated with the global elites is the people
    themselves. Being in the dark. All the political leaders are WHORES.
    They were drawn into politics by their lust for prestige. So they can be
    enticed and bought off. For those that cannot be. They will of course
    be killed to prevent resistance.

    The supposed tensions between
    Russia, USA, and China are FALSE. There are many lies going around by
    the mainstream about all this. DO not think for a second that you know
    what is going on. Because you are more than likely wrong. Even the
    Snowden disclosures are part of the scam. THAT IS A FACT.

    elites could care less what you know or believe. That is irrelevant to
    them. As long as nobody knows or understands what they are REALLY doing.
    The Bilderberg stuff is a smokescreen. The conspiracy that is becoming
    common knowledge regarding Bilderberg and the whole elite scams, going
    back many years is PURE DECEPTION. Its part of the plan to set people
    up. Decades long conspiracy. Double Triple False Flags. Well hidden
    behind many false truths. Throwing you right off the real trail.

    TRUTH is not likely to be found at all on 99% of all websites. Because
    that’s how many fools are in the world. History has proven it. And even
    the secret government programs that study human behavior know just how
    gullible people are. And in a society where people are preferring lies
    over Truth, it wont be hard to pull a biggest con game history has ever
    known. And at the expense of billions of lives.

  • Fool on the Hill

    But somehow you and you alone have escaped the Matrix and know the Truth. Amazing!

  • Johan Sterk

    The only man in Little Rock Arkansas that knows truth!