BRICS opening: A ‘multipolar’ world order is forming
Putin confirms Russia is looking to alternative currencies amid U.S. sanctions; falls short of outlining details of rumored gold-backed currency plans
Russian President Vladimir Putin spared no time in telling attendees the meaning behind this year’s annual BRICS summit in Kazan, Russia.
“The process of forming a multipolar world order is underway,” he said during opening remarks on Wednesday, adding that the pathway to achieve such measures will be “dynamic and irreversible.”
Gold prices rose as the BRICS summit opened but then retraced off newly formed all-time highs of around $2,760 an ounce.
Gold prices have moved lower from all-time highs, approaching $2,760 an ounce earlier this week. (Source: TradingView)
Amid heavy speculation that BRICS member countries, which include Brazil, Russia, India, China, and South Africa — along with numerous newly admitted nations — Putin addressed his perceived issues with the U.S. dollar on Wednesday.
“It is true and we see that,” he said when responding to a question about the dollar being used as a weapon in some geopolitical situations. “I think it is a great mistake by those who do it, since the use of the dollar … is still the most important tool in global finance. Its use as a political tool undermines trust in this currency, thereby reducing its capabilities. We are not the ones that do that, it’s others.”
The Russian president went on to say the U.S. sanctions levied against Russia in response to its invasion of Ukraine have forced the country to seek alternative currencies.
“And this is exactly what we’ll do,” he said.
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