Russian President Putin highlighted the irreversible process of de-dollarization in settlements between BRICS countries at the leaders' session of the BRICS Business Forum in Johannesburg.
He noted that the economies of the BRICS countries (Brazil, Russia, India, China, South Africa) outperform the G7 states in terms of purchasing power parity.
Elaborating on the current difficult situation on global markets, he touched upon the topic of the Black Sea Grain deal.
"Taking into account the facts mentioned above [failure to fulfill obligations under the grain deal], since July 18, we have refused to further extend this so-called deal and will be ready to return to it, but only if all obligations to the Russian side are actually fulfilled," he stressed.
The Russian leader said that the partners in the grain deal - the United Nations, Turkey and Ukraine - did not fulfill any obligations to Russia, but simply ignored them.
"None of the conditions of the so-called deal, concerning the lifting of sanctions on Russian exports of grain and fertilizers to world markets, has been implemented. Commitments to Russia in this regard were simply ignored," he said.
Putin stressed that Russia supports closer cooperation among BRICS member on the issues of reliably food and energy supplies to the global markets.
"Russia is in favor of establishing closer cooperation within the framework of the BRICS on the issues of reliable and uninterrupted supply of world markets with energy and food resources," Putin said in his video address to the BRICS Business Forum.
The president noted that Moscow is actively refocusing its transport and logistics flows to reliable partners, including among members of the BRICS group.
He also noted that the BRICS countries have to solve complex and difficult issues due to market volatility, inflation pressure, and irresponsible actions of some countries.
Putin mentioned that goals of BRICS include ensuring post-pandemic economic recovery of member states, improving the welfare of citizens, modernizing industry, building efficient transport and logistics chains, and stimulating fair technology transfer.
"All these difficult, complex tasks have to be solved amid ever-deepening volatility in the stock, currency, energy, and food markets, significant inflation pressure, caused, among other things, by irresponsible actions of a number of countries that carried out large-scale emissions to smooth out the costs of the pandemic, which results in the accumulation of private and public debt," Putin said at the BRICS Business Forum.
The 15th BRICS Summit kicked off on Tuesday in Johannesburg, South Africa, where leaders will consider expanding the group's membership to include other emerging economies, including Indonesia, Nigeria, Turkiye and Egypt. The move is expected to bolster the group's diversity and clout in global affairs. The summit is set to conclude on Thursday, August 24.