Russia Announced Preparations for the Creation of International Reserve Currency under BRICS Auspices (Brazil, Russia, India, China, South Africa)

Russian President Vladimir Putin announced on June 22 that BRICS (Brazil, Russia, India, China, South Africa) is preparing to create an international reserve currency. Following the launch of Russia’s military operation in Ukraine, Western countries swiftly sanctioned about half of Russian FX reserves. BRICS countries, but especially China, took notice of the speed and stealth at which sanctions were imposed, thus projecting the necessity of a BRICS reserve currency.

“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,” the Russian president said in a video message to BRICS forum participants. 

“Businessmen of our countries are forced to develop their business under difficult conditions where Western partners neglect the basic principles of market economy, free trade, as well as the inviolability of private property,” Putin added.

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