Russia Makes Major Announcement About BRICS Currency

Vinod Dsouza
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Russia is all set to host the BRICS+ Forum 2024 meeting on June 21 and a delegation of 21 countries, including 200 mayors will attend the summit. The forum is held in the Kazan region of Russia where the alliance is looking to connect with leaders of the grassroots levels. On the heels of the summit, Russia’s Deputy Foreign Minister Sergei Ryabkov provided the latest update about the forming of the BRICS currency.

Also Read: 21 Countries, 200 Mayors To Attend BRICS Forum in June 2024

BRICS Currency: Russia Makes Major Announcement About the Formation

BRICS Leaders Countries
Source: Alan Santos / PR / Wikipedia Commons

Ryabkov made a major announcement that the idea of a BRICS currency to challenge the US dollar has not been shelved. However, he explained that the alliance is facing challenges in the implementation of the upcoming currency. Despite the obstacles, Ryabkov revealed that the currency formation will be decided in the upcoming BRICS summit in October.

Also Read: Petrodollar: UBS Clarifies What Happens To the US Dollar

“I would not say that this idea (BRICS currency) has been shelved,” said Ryabkov. “But this does not mean that this idea has been postponed,” he said. Ryabkov revealed that the bloc aims to provide an update on BRICS currency in less than a year.

He confirmed that the formation of a BRICS currency will be kick-started faster than expected. “Quite bold, quite innovative scheme in this area will be worked out. And in a future that is not calculated in years and decades, but much faster,” he said.

Also Read: BRICS Surpasses the US in Gas Trade to Europe

The Minister also revealed that the alliance is planning to settle cross-border payments through digital currencies. “We are currently conducting consultations and negotiations with many friendly countries and BRICS countries on cross-border payments through digital currencies,” he summed it up.

The move helps them to cut ties with the US dollar and make local currencies a part of all trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.