Russian President Vladimir Putin announced at the St. Petersburg International Economic Forum that the BRICS economic bloc is actively pursuing the establishment of an autonomous payment system, aiming to avoid political pressures and external interference. Putin underscored the significance of such a system for BRICS, which has recently seen the addition of new member countries.

With the inclusion of nations like Saudi Arabia, Iran, the United Arab Emirates, Egypt, and Ethiopia, BRICS now represents 36% of global GDP and 45% of the global population, according to Putin. His remarks reflect ongoing efforts to encourage both supporters and critics of Western nations to break away from the US-dominated global financial framework.

Putin recently criticized the US for its attempts to impede Russian companies' payments to their Chinese counterparts, labeling the move as "foolish" and a "major error." Despite his warnings, BRICS has yet to introduce a global payment system to rival SWIFT. Critics argue that this delay has emboldened the US and other Western powers.

However, Putin, undeterred by the possibility of Western sanctions, emphasized BRICS's growth and expressed openness to expanding its membership. He stated that BRICS has substantial potential for attracting new participants from various continents, a move that he welcomes and supports.