The Ministry of Economic Development of Russia announced its opinion on the BRICS common currency. Russia’s new opinion for BRICS was shared following an interview by Vladimir Ilyichev, the Deputy Minister of Economic Development of Russia, with a Chinese media. Following this news, the Ministry of Economic Development of Russia stated that it is pessimistic about the rapid development of the BRICS common currency.
Ilichev continued, about 25% of the BRICS gross product constitutes the economy of the world group. From our point of view, BRICS needs an independent currency, so creating a new currency and means of payment will take time. In this regard, it should be said that the European Union years ago about The idea of the euro has been debated. The group’s leaders have pushed for the de-dollarization of trade and the use of the national currency in bilateral settlements. Meanwhile, Brazilian President Luiz Inacio Lula da Silva announced his support for the new BRICS common currency.
The Ministry of Economic Development of Russia, Vladimir Ilichev, proposed solutions for this BRICS common currency. He explained that achieving this goal will not be achieved soon. He continued his proposal to accept a basket of currencies or even an existing fiat currency from one of the BRICS countries can be considered. Ilichev explained that currently the geopolitical conditions of payment systems have been affected by political conditions and Western countries influence them according to their goals. What do you think about BRICS common currency?