JOHANNESBURG: Russian President Vladimir Putin stated at the BRICS Summit that Russia is not engaged in a battle against the U.S. dollar but is instead seeking alternatives due to geopolitical pressures.

According to Azeri-Press news agency, Putin emphasized that the use of the dollar as a political instrument by other nations compels Russia to look for different options. “The dollar is used as the weapon to attain political goals,” Putin remarked, clarifying that Russia’s actions are a response to being restricted in its use of the currency. He further explained, “We do not reject, do not fight against the dollar but if we are prevented from working with it, what we have to do? We then have to search for alternatives, and this is what is happening.”

The comments come as part of a broader discussion among BRICS nations-Brazil, Russia, India, China, and South Africa-on developing a more diversified global financial system. The summit has seen extensive dialogue on reducing dependency on the U.S. dollar and
fostering greater economic cooperation among member countries.