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15 Jul, 2014

Putin to Hindustan Times: BRICS nations need to cut dependence on US$

In the modern world the factor of common borders does not play a defining role. On the contrary, global processes encourage us to join efforts as challenges and problems become shared. In the BRICS case we see a whole set of coinciding strategic interests.

First, this is the common intention to reform the international monetary and financial system. In the present form it is unjust to the BRICS countries and to new economies in general. 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.

Another long-term common interest of the association’s members is strengthening the rule of international law and the UN’s leading role in the international system. To be honest, without Russia’s and China’s principled position on Syria in the Security Council the events in that country would have followed the Libyan and Iraqi scenario.

Read the rest: Nations harassed by US for foreign policy decisions need help: Putin – Hindustan Times.