Moscow, Russia – Russian President Vladimir Putin held a meeting at the Kremlin with the head of the New Development Bank (NDB), a BRICS group of economic partners, to discuss the bank’s activities and future plans. This comes amidst accelerated economic moves by BRICS nations to strengthen financial cooperation and reduce reliance on traditional Western institutions.
Russian media reported that the meeting addressed mechanisms for financing development projects within the BRICS countries. Plans to expand support for infrastructure, energy, and digital transformation were also discussed. Emphasis was placed on increasing the use of local currencies in financial transactions among member states.
During the meeting, Putin emphasized the important role of the New Development Bank in supporting emerging economies, noting that the bank has become a key instrument for strengthening economic cooperation among BRICS countries in the face of global economic volatility and Western sanctions imposed on some nations.
The two sides also discussed ways to attract new members and partners to the bank. In addition, they explored expanding financing for strategic projects, particularly in the areas of transport, energy, technology, and food security.
The meeting comes at a time when BRICS nations are seeking to bolster their global economic influence. This coincides with growing calls for a more diversified financial system, free from Western dominance of international financial institutions.
Observers believe that Moscow is aiming to expand economic cooperation with its BRICS partners through these moves. This is occurring against a backdrop of ongoing geopolitical tensions and economic sanctions imposed on Russia since the outbreak of the Ukrainian war.
