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BRICS countries are continuing to deepen cooperation amid ongoing external economic challenges, Russian President Vladimir Putin said on Tuesday while addressing the BRICS Business Forum 2023 via video link.

Putin noted that the introduction of illegitimate sanctions and the unlawful freezing of sovereign assets have had an overall negative impact on the global economy. He stressed that such practices have led to resource shortages, increased inequality, unemployment, and rising prices, which have affected the most vulnerable countries.

"It is important that BRICS member states continue to strengthen cooperation under such circumstances, and our joint work, which aims to ensure economic growth and sustainable development, has produced concrete, tangible results," said the president, as cited by the Kremlin in a report.

Cooperation within the BRICS is based on principles of equality and mutual respect, Putin said, adding that this is the "essence" of the group's future strategic course, which meets the interests of the global majority.

According to Putin, mutual investments between BRICS countries have increased sixfold over the past decade, and Russia's trade turnover with its BRICS partners has currently reached a record of over 230 billion U.S. dollars.

The Russian president further pointed out that the irreversible process of de-dollarization has gained momentum, and BRICS countries are actively working to establish effective mechanisms for mutual settlements and monetary and financial control.

Putin also discussed the importance of boosting cooperation in a wide range of fields, including transport and logistics, business and climate change.

"Russia is in favor of establishing closer cooperation within the BRICS framework on the issues of reliable and uninterrupted supply of energy and food resources to world markets," Putin noted.

The multifaceted BRICS partnership has not only ensured the sustainable growth of BRICS member states, but has also contributed to improving the global economic situation, and the successful implementation of United Nations Sustainable Development Goals, according to the president.

The 15th BRICS Summit will be held in Johannesburg, South Africa, from Aug. 22-24. The theme of this year's event is "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism."