BRICS may revisit single currency when conditions allow: Lavrov
2 Min Read
The BRICS countries are currently collaborating to develop a payment and settlement system to handle cross-border transactions among member states.
-
Russian Foreign Miniter Sergey Lavrov (https://mid.ru/)
In an interview with the Brazilian newspaper O Globo, Russian Foreign Minister Sergey Lavrov said that discussions about creating a single currency for BRICS could resume once the appropriate financial and economic conditions are established.
"It would be premature to discuss a transition to a single currency for BRICS," Lavrov explained. "We can come back to the question about a common currency or a single payment unit for BRICS once the necessary financial and economic conditions are in place," he added.
Lavrov noted that BRICS countries are currently collaborating to develop a payment and settlement system to handle cross-border transactions among member states. This includes efforts to raise the share of national currencies in mutual trade.
The Russian foreign minister also underlined that de-dollarization has become a prominent global trend, stating it is "attributable to the lack of trust towards the Western-led international financial institutions."
Read more: Medvedev proposes BRICS intl. court as alternative to 'flawed' ICC
Since its founding in 2006, BRICS has undergone two major expansion phases. South Africa joined the original grouping of Brazil, Russia, India, and China in 2011.
More recently, on January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia officially entered BRICS, followed by Indonesia's admission as a full member on January 6, 2025.
Kremlin spokesman Dmitry Peskov had previously addressed the issue in January, noting that BRICS was not currently considering a unified currency. Instead, the focus has shifted toward creating joint investment platforms in third countries.
His comments came after US President Donald Trump threatened to impose 100% tariffs on goods from BRICS nations if they adopted a new currency or abandoned the dollar.
