Moscow: Russian President Vladimir Putin said the BRICS grouping should explore the possibility of a SWIFT-like cross-border payment system that is free from Western sanctions and called for the use of national digital currencies to counter the dominance of the US dollar.

What did Putin say on the use of digital currency?

Ahead of the 16th annual summit of BRICS leaders hosted by Russia, Putin said the time has not yet come for a common BRICS currency. However, he also said the 10-nation group is exploring the possibility of using a digital currency, for which his country is working closely with India and other countries.

Russia wants to bypass the global financial system

The US and its allies have imposed wide-ranging sanctions on Russia following the conflict with Ukraine that began in February 2022. Russia seeks to circumvent the global financial system by creating a new payment system based on a network of commercial banks linked to each other through the BRICS central banks.

Prime Minister Narendra Modi will attend the summit to be held in Kazan, Tatarstan, Russia from October 22 to 23. This will be the first summit of the group after the inclusion of Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE). Brazil, Russia, India, China and South Africa are the original member countries of BRICS.

PM Modi to go on one-day visit to Russia 

Let us tell you that Prime Minister Narendra Modi will visit Russia from 22-23 October to attend the 16th BRICS summit. PM Modi will visit Russia at the invitation of Russian President Vladimir Putin. According to the Ministry of External Affairs (MEA), the BRICS summit in Kazan is being held under the chairmanship of Russia.

 PM Modi is also expected to hold bilateral meetings with his counterparts from the BRICS member countries and invited leaders in Kazan.

Putin praised Hindi films

Recently Russian President Vladimir Putin said that Indian films are very popular in Russia. We also have a dedicated TV channel which broadcasts Indian films 24 hours a day. Putin said that Indian films are very popular in Russia.