In a meeting with Putin, Dilma criticizes the use of the dollar in transactions and denies loans to Russia

The former president of Brazil and current head of the Brics bank, Dilma Rousseff (PT), criticized the hegemony of the dollar in international transactions, this Wednesday (26th), during a meeting with Russian president Valdimir Putin, in Saint Petersburg, in Russia.

She defended the use of local currencies, such as the Chinese yuan, in exchanges between Brazil, Russia, India, China and South Africa, whose initials form the acronym BRICS.

Before the meeting, however, Dilma rejected speculation that the Brics bank could make new loans to Russia, due to the international sanctions applied by the West because of the war in Ukraine.

“O NDB [Novo Banco de Desenvolvimento, na sigla inglesa do órgão] reiterated that it is not considering new projects in Russia and that it operates in compliance with the restrictions applicable in international markets,” he wrote on his Twitter profile.

Note on Dilma’s visit to Russia. pic.twitter.com/xVji0ctMnF

— Dilma Rousseff (@dilmabr) July 26, 2023

The speech against the dollar occurred after the meeting between the leaders. Putin more openly criticized the use of the dollar as an international currency, but did not go into detail about the conversation with the Brazilian.

“We know that there are doubts about the bank’s liquidity, that there are some ideas from its people about that, and we will support them,” Putin said of the NDB and the market’s concern. “The relations of the BRICS countries are developing in national currencies, it seems to me that the bank can play a significant role,” he said.

Dilma recalled that the NDB’s goal from 2022 to 2026 is to make 30% of its funding in local currencies. “There is no justification why developing countries cannot establish exchanges in local currencies,” he said.

She also praised Russia as a “great partner in the Brics and the NDB” and welcomed the summit between Russia and African countries that officially starts this Thursday (27th), in which she will participate. “It is very important for everyone who is committed to the development of the Global South”, she said, using the most recent term for the so-called emerging countries.