According to Russia Today (RT) and TASS, on July 6 Moscow time, Russian President Putin stated that the combined GDP of the BRICS countries has exceeded the Group of Seven (G7), which is dominated by the West.
On the same day, the 17th BRICS Leaders' Meeting was held in Rio de Janeiro, Brazil. Putin participated via video conference and delivered a speech. He said: "The BRICS member states not only cover one-third of the Earth's land area, but also account for almost half of the world's population and 40% of the global economy."
He added that according to data from the International Monetary Fund (IMF) for 2025, the combined GDP of the BRICS countries, calculated by purchasing power parity, has reached 77 trillion US dollars (approximately 55.17 trillion Chinese yuan), while the corresponding figure for the G7 is 57 trillion US dollars (approximately 40.84 trillion Chinese yuan). "In this indicator, the BRICS countries have significantly surpassed other groups including the G7."
On July 6 local time, Russian President Putin participated in the 17th BRICS Leaders' Meeting via video conference. RT
Putin also mentioned that the use of local currencies for trade between BRICS member states is increasing. "In 2024, when Russia settled with other BRICS countries, the share of the Russian ruble and other friendly country currencies reached 90%." He pointed out: "Establishing an independent payment and settlement system within the BRICS framework is expected to make currency transactions faster, more efficient, and safer."
"The BRICS countries have rightfully become one of the key centers of global governance. Their international status and influence are rising year by year and represent the fundamental interests of the majority of countries around the world," said Putin.
Putin hailed "mutual respect" as one of the cornerstones of the BRICS, stating that this principle helps unite people from different cultural and religious backgrounds and makes the group attractive to developing countries.
He said that the unipolar international system that has served the so-called "golden billion" is rapidly disintegrating, giving way to a multipolar global economic system.
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