BRICS Surpasses G7 Countries: Putin on De-Dollarization and Grain Supply

Today, the BRICS summit kicked off in Johannesburg, attended by representatives from over 40 countries around the globe. On the first day of the summit, a business forum was held. Russian President Vladimir Putin also delivered a speech via video link.

Putin stated that BRICS has surpassed the G7 in terms of purchasing power parity. "The share of the countries in the association, home to over 3 billion people, has reached nearly 26% of the global GDP, while the 'five' outstrips the G7 in terms of purchasing power parity," said Putin.

The Russian leader also addressed the issue of de-dollarization in economic relations between member countries. "The objective, irreversible process of de-dollarization of our economic ties is gaining momentum. The share of the US dollar in transactions between BRICS countries is decreasing, and in 2022 it constituted 28.7%," Putin noted.

The President also recalled his commitment to replace grain exports from Ukraine both on a commercial basis and as 'humanitarian aid to needy states.' "Moreover, this year we expect another bumper harvest. As a first step, we have decided to send 25,000-50,000 tons of grain free of charge to six African countries. Russia will also ensure the free shipment of goods, with relevant negotiations with partners nearing completion," stated the Russian President.