Putin: De-Dollarisation Is An Irreversible Process

Comments from Russian President Vladimir Putin hitting wires, giving his first virtual remarks to the BRICS summit taking place in South Africa today and tomorrow.

• Putin: "There is volatility on financial, energy, other markets… State and private debts are rising."
• Putin: “It's important that we cooperate at BRICS on equal terms.”
• Putin: “Russia remains and will be a reliable food supplier to Africa.”
• Putin: "Sanctions hamper Russian food supply, banking payments… We are wrapping up talks on free grain supplies to Africa.”
• Putin: "De-dollarisation is an irreversible process."
• Putin's comments reflect calls from China to accelerate a move away from dollar transactions between BRICS members.
• South China Morning Post reported earlier this week that, "Last month, Alexander Babakov, deputy chairman of Russia's State Duma, said that Russia was spearheading the development of [a BRICS currency union] for cross-border trade among a number of developing nations."
• A spokesperson from BRICS host South Africa told reporters last week that de-dollarisation wouldn't formally be on the agenda but it is expected to feature heavily in discussions on the margins of the summit.