Putin Hosts BRICS Summit Amid Currency Challenges

At the BRICS summit in Kazan, Russian President Vladimir Putin is urging over 20 world leaders to adopt alternatives to the US dollar for global payments, emphasizing the need for financial independence among BRICS nations. Summit organizers have advised attendees to bring cash, specifically US dollars or euros, as Mastercard and Visa cards issued outside Russia will not work due to past sanctions. This situation highlights the challenges faced by BRICS in their de-dollarization efforts, as even the Russian Mir payment system has limitations and reliance on foreign currencies persists. Putin reiterated the benefits of local currency transactions to mitigate geopolitical risks and enhance economic cooperation. As new members like Egypt and Iran join BRICS, the group aims to strengthen its position in an increasingly multipolar world. The summit underscores the tension between Russia's ambitions and the realities of its current financial landscape.