In the context of the world witnessing major changes in the global financial order, Russian Foreign Minister Sergei Lavrov said that the issue of the BRICS common currency could be brought back to the negotiation table, when financial and economic conditions are ripe.
In an interview with the daily O Globo (Brazil), Mr. Lavrov frankly commented: "Currently, it is too early to discuss the BRICS common currency. We can return to discuss this issue when all the necessary conditions have been fully formed".
According to him, BRICS countries (including Brazil, Russia, India, China, South Africa, and new members such as Egypt, Iran, UAE, Saudi Arabia, Ethiopia, Indonesia) are prioritizing the construction of a separate payment system for cross-border transactions, in which increasing the share of domestic currency use instead of USD is an urgent goal.
The Russian Foreign Minister also emphasized that the trend of de-dollarization is becoming one of the prominent global economic trends, originating from the deep lack of trust in Western-dominated international financial institutions.
However, according to Kremlin spokesman Dmitry Peskov, BRICS has not yet prioritized the creation of a common currency. Instead, member countries are focusing on establishing joint investment platforms in third countries and promoting the use of domestic currencies in transactions.
Mr. Peskov made this statement in response to US President Donald Trump's threat to impose a 100% tax on BRICS goods if the bloc develops its own currency or abandons the USD.
Since its inception in 2006, BRICS has expanded twice: South Africa joined in 2011, and most recently the 5 newly joined countries in early 2024, including Egypt, Iran, UAE, Saudi Arabia, Ethiopia. On January 6, 2025, Indonesia also officially became a full member, bringing the total number of BRICS countries to 11.
