"I would like to emphasize that the Russian national currency - the ruble - is fully and freely convertible to any world currency. Bearing in mind the stable macroeconomic situation in our country, the ruble can be an additional means of payment between our countries and fully complies with all these requirements,” said Putin at a meeting with members of the BRICS business council and the New Development Bank officials during the BRICS summit in Brazil.
Vladimir Putin is taking part in the ongoing two-day summit of BRICS member states — Brazil, Russia, India, China, and South Africa — in Brasilia.
Russian President Vladimir Putin earlier argued during the St. Petersburg International Economic Forum in 2019 that the era of global "dollar dominance" might come to an end soon. He opined that this could happen due to Washington "abusing" the status of its currency to punish those that the US doesn't like.