Admitted Saudi Arabia and the United Arab Emirates as members, with Iran, Argentina, Egypt, and Ethiopia scheduled for the following year. “The objective, irreversible process of de-dollarization of our economic ties is gaining momentum, and efforts are being made to work out effective mechanisms for mutual settlements and monetary and financial control,” Putin said. “As a result, the share of the dollar in export-import transactions within the BRICS is declining: last year it amounted to only 28.7 percent.” “The creation of a currency for commercial transactions and investments between BRICS members improves our payment conditions and reduces our vulnerabilities,” said Brazilian President Luiz Inacio Lula da Silva. https://rubino.substack.com/p/brics-summit-ends-with-a-bang-and?utm_source=substack&utm_medium=email
