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BRICS will create international reserve currency 

Russian President Vladimir Putin assured that the Russian strategy will not change

The countries that make up the BRICS group are working on the creation of an international reserve currency based on your basket of currencies, advanced the Russian president, Vladimir Putin in his greeting to the participants of the BRICS Business Forum.

"Work is being done on the creation of an international reserve currency based on a basket of currencies from our countries," he said.

He also warned abouthe problems of the world economy, which in his opinion «are becoming chronic» due to the actions of the West.

“There is a deliberate breaking of the ties of cooperation, the transport and logistics chains are collapsing. And all this contradicts common sense and elementary economic logic, it is detrimental to business interests on a global scale, it negatively affects the well-being of the population, in fact, of all countries", stressed the president of Russia.

There is a decline in business activity, an increase in unemployment, a shortage of raw materials and components. Difficulties in guaranteeing world food security are worsening and the prices of crops and other basic agricultural products are skyrocketing,” the Russian president listed.

He warned that Western countries apply irresponsible macroeconomic policies, such as the printing press (of paper money) and uncontrolled issuance, which have a negative impact on the well-being of the population of all countries.

He stressed that the West continues to impose sanctions for political reasons, without measuring the global impact, even for themselves, as a boomerang effect, reinforcing pressure mechanisms on competitors and destroying transport and logistics chains.

"All this contradicts common sense and elementary economic logic, goes against the interests of companies on a global scale and has a negative impact on the well-being of the population of practically all countries," he stressed.

"I would like to emphasize that Russian strategy does not change: while strengthening our economic, technological and scientific potential, we are ready to work openly with all fair partners on the principles of respect for mutual interests, unconditional supremacy of international law, and equality of countries and peoples", he concluded.

Putin invites businessmen to Eastern Economic Forum

Putin also invited businessmen from the BRICS countries (Brazil, Russia, India, China and South Africa) to the Eastern Economic Forum.

"I take this opportunity to invite representatives of your states to the Eastern Economic Forum to be held in Vladivostok in early September, where many issues relevant to the BRICS business community will also be discussed," Putin said.

The Russian leader also expressed his confidence that the BRICS Business Forum will continue to focus on expanding trade, business, industrial and investment ties between the five countries.

The BRICS group it is an association Informal intergovernmental economic-commercial meeting of five rapidly developing countries, where the objective of developing dialogue and multilateral cooperation is set out.

The group includes Brazil, Russia, India, China, and South Africa, represents about 40 percent of the world's population, and accounts for about 25 percent of the world economy.

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