"As for BRICS, we need not to create a common currency, but to establish a system of settlements, create financial logistics in order to ensure settlement between our states in national currencies, taking into account the situation with our national currencies and the macroeconomic performance of our economies as well as currency rate differences and processes of inflation. It is a tough but manageable situation. We need to work on this," Putin said at the Valdai Discussion Club.
The issue of creating one common BRICS currency has been discussed with experts and is theoretically possible, the Russian president added.
"In order to achieve it some day, we need to reach a certain parity in the development of our national economies. It is a very long-term perspective ... The eurozone has switched to the euro, a common currency, without considering how it would work for countries with different levels of economic development, eventually causing problems. Why would we make the same mistakes," Putin also said, adding that there is a need to improve the financial system as a whole.