The 14th BRICS Summit, a virtual gathering hosted by China that finished on Saturday, focused on measures to increase the group's influence on the world arena while also fostering sustainable infrastructure development in the area. One takeaway from this is that BRICS might defuse the frozen border issues between India and China.
The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.
Russian finance minister says the BRICS nations should create their own SWIFT system to counter sanctions and strengthen their own national currency.