Members of the BRICS group do not cooperate against third parties, even in financial issues, Russian President Vladimir Putin said on Wednesday during a meeting with the head of the New Development Bank, Dilma Rousseff.
"Members of our organization - BRICS - they are not friends against someone ... this also applies to the financial sector," Putin said at the meeting.
The Russian president added that settlements in national currencies among BRICS countries are on the rise, and the development bank can play a key role in this.
"We know that there is a question about the liquidity of the bank, there are some ideas… Relations between our BRICS countries are developing, including [when it comes to] national currencies, settlements are increasing. It seems to me that the bank could also play a role in developing the direction of joint work," Putin said.
The president also pointed out that the US dollar in world finance is used as an instrument of political struggle.
In turn, the head of the New Development Bank emphasized that Russia is an important partner of the BRICS states and the bank itself, to which it fulfills all obligations.
Rousseff added that the dialogue between Russia and African countries is of great importance from the point of view of Global South development.
"I want to welcome this initiative of yours to meet with African countries that have been abandoned for a long time. It is crucial to pay attention to the amount of debts of these countries, as well as their serious investment needs," she noted.
Rousseff went on to say that there are no obstacles for developing countries to switch to trade in national currencies.
"There are no obstacles for the countries of the developing world to carry out their foreign trade operations in national currencies," she elaborated.
The New Development Bank's chief concluded that it is "impossible and unacceptable that conditions from traditional financial institutions, without the involvement of the BRICS bank, be imposed on them when granting loans."
The second Russia-Africa Summit and Economic Forum will be hosted in St. Petersburg on July 27-28 with a focus on fostering comprehensive and sustainable cooperation between Russia and African countries.
The NDB is an international financial institution established in 2014 following the BRICS summit by an agreement between Brazil, Russia, India, China and South Africa. It aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries, as well as other emerging markets and developing countries through the provision of loans, guarantees and other financial instruments as part of state and private projects.
BRICS unites the world's largest emerging economies, namely Brazil, Russia, India, China, and South Africa. A number of other countries intend to join the economic bloc, including Algeria, Argentina, Egypt, Iran, Indonesia, Saudi Arabia, Turkey, and the United Arab Emirates. South Africa, which assumed the rotating BRICS presidency in January, will host the 15th BRICS summit from August 22-24.