The ongoing trend of de-dollarization among BRICS nations is an "irreversible trend", Russian President Vladimir Putin told the closing session of the BRICS Business Forum during his keynote address on Tuesday.
Putin highlighted the growing economic interactions among the BRICS nations during his address.
"Mutual investments among BRICS states have increased six fold and their total exports have reached 20 percent of the world exports. For Russia, the trade volume with BRICS partners has increased and grown by 35.6 percent in the first half of this year," the Russian leader noted during his address, which was delivered in virtual mode.
Putin slammed the "illegitimate sanctions" by western countries against Russia in the wake of the Special Military Operation, blaming them for exacerbating the global economic situation.
He stated that BRICS states have been prompted to "solve difficult problems against the backdrop of market volatility, inflationary pressure due to the irresponsible actions of a number of countries".
The Russian President also highlighted the Moscow-backed connectivity initiatives such as the International North South Transport Corridor (INSTC) and the North Sea route, saying that Russia would "refocus its transport and logistics flows to reliable partners".
Putin further said that Moscow was ready to return to the Black Sea Grain Deal if other parties fulfil their committments.
The Russian President underlined that Russia was committed to be a "reliable supplier" of food grain to the world, including the African countries.
Putin noted with concern that the food shortages have affected the most vulnerable people in the poorest countries in the world.