MOSCOW, June 22. /TASS/. Russia’s policy is efficient in an environment where the West neglects the basic principles of a market economy and free trade, Russian President Vladimir Putin said addressing the participants of the BRICS Business Forum.

Russia will focus on cooperation with its BRICS partners, Putin added, from the possible opening of Indian chain stores in the country and the growth of the share of Chinese cars to creating a new international reserve currency.

"Western partners neglect the basic principles of market economy, free trade, and inviolability of private property. They follow, in fact, an irresponsible macroeconomic course, including the launch of the ‘printing press’ - uncontrolled emission and accumulation of unsecured debts," Putin said, adding "At the same time more and more politically motivated sanctions are continuously introduced, mechanisms of exerting pressure on competitors are further strengthened."

"And all this is contrary to common sense and basic economic logic, it undermines business interests on a global scale, negatively affecting the wellbeing of people, in effect, of all countries," Putin stressed.

Meanwhile, Russia is actively reorienting trade flows and foreign economic contacts to reliable international partners, and primarily to the BRICS countries, Putin said.

"Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements. The Russian Financial Messaging System is open for connection with the banks of the BRICS countries. The Russian MIR payment system is expanding its presence. We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies," he added.

According to Putin, "The Russian business community, in coordination with the business communities of the BRICS states, takes prompt steps to develop the transport infrastructure. Logistics routes are readjusted, new production chains are created".

"Contacts between Russian business circles and the business community of the BRICS countries have intensified. For example, negotiations are underway to open Indian chain stores in Russia, increase the share of Chinese cars, equipment, and hardware on our market. In its turn, Russia’s presence in the BRICS countries is growing. There has been a noticeable increase in the exports of Russian oil to China and India," Putin added.