Russia to push to end dollar dominance at the BRICS summit.

In order to effectively counterbalance the West in international politics and trade, President Vladimir Putin is eager to strengthen BRICS, which has grown to include Egypt, Ethiopia, Iran, and the United Arab Emirates in addition to Brazil, Russia, India, China, and South Africa.

Moscow is using the October 22–24 summit in Kazan as proof that Western attempts to isolate Russia have not succeeded. It seeks cooperation from other nations in order to restructure the world financial system and eliminate the US dollar’s primacy.

President Vladimir Putin is keen to fortify BRICS, which now includes Egypt, Ethiopia, Iran, and the United Arab Emirates in addition to Brazil, Russia, India, China, and South Africa, as a means of effectively counterbalancing the West in global politics and trade.

Moscow is pointing to the Kazan summit on October 22–24 as evidence that Western efforts to isolate Russia have failed. In order to restructure the global financial system and end the dominance of the US dollar, it looks to other countries for cooperation.

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The Russian report claims that current organizations, like the International Monetary Fund, are biased in favor of Western nations and that they require “improvements to better serve the evolving global economy.” Last week, Russian Finance Minister Anton Siluanov urged BRICS nations to develop a substitute for the IMF.

Russia is proposing to establish a “BRICS Clear” platform to settle securities trade, among other measures to promote investment and trade.

A joint BRICS rating agency, which the group had previously discussed, is not suggested in the document, which instead calls for improved communication between credit rating agencies in member nations and a common ratings methodology.