In These New Times

The international monetary system itself depends a lot on the US dollar, or, to be precise, on the monetary and financial policy of the US authorities. The BRICS countries want to change this,” Putin said.

“In the year since the Durban Summit, we have managed to achieve significant progress in this direction. In the near future, we expect to finalise all the remaining issues and we will be able to use this Bank’s potential to realise major projects in our countries,” he said.
The Statesman

9th July, 2015

BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.

He, however, emphasised that the grouping of Brazil, Russia, India, China and South Africa, having “coinciding strategic interests”, wants to change the global monetary order which depends a lot on the US dollar.
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