Dilma Rousseff on Russia
TL;DR
Dilma Rousseff strongly supports deepening BRICS cooperation, emphasizing local currency use and institutional expansion within the bloc.
Key Points
She met with the Russian President on October 22, 2024, on the sidelines of the 16th BRICS Summit in Kazan.
As NDB President, she advocates for the expansion of the BRICS group to include more countries from the Global South.
She supports increasing settlements denominated in national currencies to reduce debt servicing costs and minimize geopolitical risks.
Summary
Dilma Rousseff, in her capacity as President of the New Development Bank (NDB), maintains a pragmatic, institutionally focused relationship with Russia, a key BRICS member. During a meeting with the Russian President in Kazan in October 2024, she emphasized the importance of the BRICS group, advocating for its expansion to include more Global South nations to foster cooperation. A core element of her stated position, aligning with Russian priorities, is the crucial need to increase financing and trade settlement in national currencies to minimize external geopolitical risks and reduce dependence on the dollar.
Her engagement is framed by the NDB's mandate to mobilize resources for infrastructure and sustainable development in emerging markets, recognizing the challenging conditions for securing finance globally. While acknowledging the NDB’s significant funding allocation, she stressed that it remains insufficient for the needs of the Global South, necessitating specialized formats like local currency funding for both sovereign and private projects. Historically, Brazil under her leadership avoided strong criticism of Russia, such as after the 2014 annexation of Crimea, reflecting a broader hedging strategy between Western powers and the rising influence of the BRICS group.
Key Quotes
I am of the view that BRICS can also encompass additional countries from the Global South, enabling us to identify new areas and domains for cooperation. In this context, both the expansion of BRICS and our emphasis on ensuring the necessary financial resources for projects in the countries of the Global South are of paramount importance
Frequently Asked Questions
Dilma Rousseff is currently serving as the President of the New Development Bank (NDB), which is the financial institution founded by the BRICS countries, including Russia. Her position involves regular high-level engagement with Russian leadership regarding the bank's strategy and the broader geopolitical-economic goals of the bloc.
Dilma Rousseff has strongly argued for the necessity of increasing payments and financing in national currencies between BRICS members to minimize external political risks. She noted that this strategy helps strengthen the financial independence of member states, a view echoed by the Russian President during their meeting.
During her presidency, Brazil, under Dilma Rousseff, adopted a strategy of not overtly criticizing Russia following its annexation of Crimea in 2014. This approach was noted by observers as a form of hedging between the West and the growing importance of the BRICS alignment.
Sources6
Meeting with President of the New Development Bank Dilma Rousseff
NDB President Dilma Rousseff Met with Vladimir Putin, President of Russia, BRICS Chair Country in 2024
Dilma Rousseff argues for expansion of BRICS, use of local currencies
As Tensions Mount, Brazil Hedges Its Bets on Russia and the West
Russia gives up the BRICs presidency so that Dilma can continue in office.
* This is not an exhaustive list of sources.