Leaders of Russia and China, Vladimir Putin and Xi Jinping, are proposing the establishment of a new BRICS investment platform aimed at supporting the economies of the Global South. This initiative will be a key focus at the upcoming BRICS Summit in Rio de Janeiro in early July.
Putin and Xi's Proposals for Economic Cooperation
According to Russian presidential assistant Yuri Ushakov, the new investment platform aims to drive sustainable economic growth across BRICS nations and the broader Global South. Ushakov noted: "In anticipation of the BRICS summit in Rio de Janeiro, the leaders examined in detail the progress of the Russian initiatives from last year’s Kazan summit, including mutual settlements and industrial cooperation."
Plans for the BRICS Investment Platform
The proposed BRICS platform is expected to:
* Support the Russian economy * Provide financial backing to countries in the Global South and East * Strengthen BRICS’s global position through urbanization, capital investment, and labor productivity.
Putin emphasized the need for greater cooperation in sectors like:
* Technology * Education * Finance and trade * Resource development and logistics.
"Our countries need to step up cooperation in areas such as technology, education, trade, and finance," stated Putin. "We must multiply the volume of capital investment."
Strengthening Russia-China Ties and Digital Currency
Beyond the BRICS initiative, Russia and China reaffirmed their strategic partnership, particularly in the Middle East. The two leaders exchanged updates via phone and are reportedly preparing for coordinated actions in global affairs. In a notable shift away from Western financial systems, Russia and China have begun settling certain energy trades using Bitcoin, reducing dependence on the U.S. dollar.
Putin is also reportedly exploring options to expand Russia’s national currency through the creation of a digital platform for cross-border settlements and investments. This aligns with BRICS’s broader goal of building financial alternatives to Western-dominated systems.
With rising global tensions and shifting alliances, the BRICS-led investment initiative could reshape economic power in favor of the Global South. The strategic alignment between Putin and Xi signals a stronger, united front that challenges existing global financial norms.
