ST. PETERSBURG, July 26. /TASS/. The dollar is being used in global finance as an instrument of political struggle, Russian President Vladimir Putin said at a meeting with President of BRICS New Development Bank Dilma Rousseff.

He also noted the importance of developing the BRICS financial institute.

"In the current climate it is challenging, meaning what is happening in global finance, and the use of the dollar as an instrument of political struggle," Putin said.

"Relations in national currencies are expanding between our countries, while payments are on the rise," he noted, adding that in this respect "the bank may also play a certain notable role in the development."

According to Rousseff, the bank "is to play an important role in establishing a multipolar world," for which the bank should be in tune for raising funds on markets of partnering countries. President of the bank added that she sees no obstacles for developing countries to carry out foreign trade transactions in national currencies.