The US dollar is losing its global role in an “objective and irreversible” process; the Russian president told participants at the BRICS Summit in South Africa on Tuesday.

Iran PressEurope: Vladimir Putin spoke via videolink after choosing not to attend the event in person.

De-dollarization is “gaining momentum,” Putin declared, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.

The Russian leader claimed the five BRICS members – Russia, China, India, Brazil, and South Africa – are becoming the new world economic leaders, adding that their cumulative share of global GDP has reached 26%.

He noted that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialized nations – accounting for 31% of the global economy, compared to 30% for the G7.


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