The post Putin and Xi Propose New BRICS Investment Platform to Boost Global South appeared first on Coinpedia Fintech News
Leaders of two of the world’s largest economies, Vladimir Putin and Xi Jinping, are proposing a major new BRICS investment platform to support national economies across the Global South and East. The proposal will be a key focus at the upcoming BRICS Summit in Rio de Janeiro in early July.
According to Russian presidential assistant Yuri Ushakov, the new investment platform aims to drive sustainable economic growth across BRICS nations and the broader Global South.
“In anticipation of the BRICS summit in Rio de Janeiro, the leaders examined in detail the progress of the Russian initiatives from last year’s Kazan summit, including mutual settlements and industrial cooperation,” Ushakov said.
The proposed BRICS platform is expected to:
Putin emphasized the need for greater cooperation in sectors like:
“Our countries need to step up cooperation in areas such as technology, education, trade, and finance,” Putin stated. “We must multiply the volume of capital investment.”
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Beyond the BRICS initiative, Russia and China reaffirmed their strategic partnership, particularly in the Middle East. The two leaders exchanged updates via phone and are reportedly preparing for coordinated actions in global affairs.
In a notable shift away from Western financial systems, Russia and China have begun settling certain energy trades using Bitcoin, reducing dependence on the U.S. dollar.
Putin is also reportedly exploring options to expand Russia’s national currency through the creation of a digital platform for cross-border settlements and investments. This aligns with BRICS’s broader goal of building financial alternatives to Western-dominated systems.
With rising global tensions and shifting alliances, the BRICS-led investment initiative could reshape economic power in favor of the Global South. Putin and Xi’s strategic alignment signals a stronger, united front that challenges existing global financial norms.
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