But the summit communique indicated that little progress had been made on this.
Speaking at the summit in the Russian city of Kazan, Putin said: "The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this." He said that nearly 95% of trade between Russia and China is now conducted in rubles and yuan.
The move to de-dollarise has unnerved some members - notably Brazil and India - that do not want their rapidly expanding club to become solely pro-Chinese and anti-western.
Russia is working on creating a settlement and payment infrastructure that would bypass the Swift payment system based in Belgium.
The de-dollarisation initiative is probably the most concrete proposal to emerge from the summit that was remarkable for giving Putin his biggest international platform since Russia's invasion of Ukraine in February 2022.
This story is from the November 01, 2024 edition of The Guardian Weekly.
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This story is from the November 01, 2024 edition of The Guardian Weekly.
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