BRICS Alliance Working To Create Its Own Currency, Says Russian Official

According to reports quoting Russian official Alexander Babakov, the BRICS alliance is working to create its own currency.

Moscow has found itself reeling under an avalanche of sanctions and restrictions as the Ukraine Russia war rages. Against this backdrop, President Vladimir Putin adopted a new foreign policy this week, identifying China and India as its main allies on the world stage. Now, the ties between the three nations (and a few others) appear poised to go a step further with the formation of a new currency. 

According to reports quoting Russian lawmaker Alexander Babakov, the BRICS nations are in the process of creating a new medium for payments – established on a strategy that “does not defend the dollar or euro”. He reportedly indicated that the new currency would be secured by gold and other commodities such as rare-earth elements.

While the claim is yet to be verified by other officials from the member nations, it came mere days before South Africa sent senior officials to Russia to discuss “recalibration of the global order” with President Vladimir Putin’s party. The country is also slated to host a BRICS summit in August this year.

The Russian Natural Resources Ministry said in a statement that Russia proposes to create a BRICS geological platform for data sharing.

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