Putin's dollar problem is on clear display at the BRICS summit, starting with the moment guests land at the airport

• Russian President Vladimir Putin is hosting nan BRICS acme successful Kazan, Russia.
• Putin is touting waste and acquisition successful section currencies, a move distant from nan US dollar.
• Despite nan de-dollarization push, acme organizers advised attendees to bring dollars and euros.

Russian President Vladimir Putin is hosting a awesome acme pinch complete 20 world leaders, whom he's trying to person to ditch nan dollar.

De-dollarization is 1 of Putin's priorities because trading successful section currencies intends that a heavy sanctioned Russia would not beryllium beholden to nan Western US dollar-dominated world financial order.

But it's not easy to move distant from nan greenback. BRICS' acme organizers person advised overseas attendees to bring rate — specifically, US dollars and euros — to nan event, successful nan Russian metropolis of Kazan.

Most Russian banks will only return US dollars aliases euros — which Moscow has deemed "toxic currencies" — to speech for rubles, according to a guideline connected nan summit's website.

Going cashless isn't an option, since it's not imaginable to usage Mastercard aliases Visa cards issued extracurricular Russia successful nan country. The 2 paper issuers halted section operations days aft Russia invaded Ukraine successful 2022.

China's Union Pay cards whitethorn beryllium utilized — "but pinch restrictions," per nan guide.

Attendees whitethorn use for Russia's Mir costs paper — and there's a slope astatine Kazan's world airdrome to get a card, speech currency, and retreat cash.

These issues pinch payments not only undermine nan bluster of nan BRICS group's telephone to de-dollarize, but they besides underscore nan immense situation BRICS would person to unseat King Dollar, which is firmly entrenched successful nan world financial order.

The group of emerging nations anchored by Brazil, Russia, India, China, and South Africa is not giving up.

On Tuesday, Putin again touted nan usage of section currencies connected nan sidelines of nan summit's first day.

"The maturation of payments successful section currencies makes it imaginable to trim nan indebtedness work fee, summation nan financial independency of BRICS personnel countries, and besides to mitigate geopolitical risks to nan top grade imaginable and, arsenic overmuch arsenic imaginable successful nan existent world, abstracted economical improvement from politics," Putin said connected Tuesday astatine a gathering pinch Dilma Rousseff, nan president of nan BRICS New Development Bank, according to Russia's TASS authorities news agency.

Putin caps a societal twelvemonth pinch BRICS summit

Putin is besides hobnobbing pinch Chinese leader Xi Jinping, Indian Prime Minister Narendra Modi, South Africa's president, and nan UN Secretary-General astatine nan acme this week. Brazilian president Luiz Inácio Lula da Silva canceled his travel aft a autumn astatine home.

The BRICS acme is larger this twelvemonth because nan West-weary group has welcomed nan caller members of Egypt, Ethiopia, Iran, and nan United Arab Emirates complete nan past year. Saudi Arabia has been invited but has not formally joined nan club.

Russia is nan BRICS chair this year, truthful a bigger acme is simply a feather successful nan headdress for Putin, who has had a busy societal calendar this year, moreover though Russia and nan Russian leader himself person been heavy sanctioned.

Before nan BRICS summit, Putin was already globetrotting and socializing pinch apical leaders from Asian countries including China, India, Vietnam, and Indonesia.

Despite nan BRICS' liking successful reshaping nan world order, nan group is fraught pinch rivalries and competing interests that it first has to overcome, analysts told Business Insider.

"Behind nan rhetoric, there's a immense interest — moreover wrong Russia — whether nan caller members will go their equals," said Evgeny Roshchin, a visiting clever clever astatine Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, astatine a property briefing held by nan Center for European Policy Analysis connected Monday.