MOSCOW, April 28. /TASS/. It is possible to return to discussing the issue of creation of a single currency for BRICS once the necessary conditions are in place, Russian Foreign Minister Sergey Lavrov said in an interview with the Brazilian newspaper O Globo.
“It would be premature to discuss a transition to a single currency for BRICS,” he said. “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,” Lavrov added.
BRICS member states are working together “to create a payment and settlement infrastructure for carrying out cross-border settlements among BRICS countries,” which includes increasing the share of national currencies in transactions, the minister noted.
He also stressed that dedollarisation has been one of the defining global economic trends, “which is attributable to the lack of trust towards the Western-led international financial institutions.”
Since its inception in 2006, BRICS has experienced two phases of expansion. In 2011, South Africa joined the original group, which included Brazil, Russia, India, and China. On January 1, 2024, five new members officially entered BRICS, namely Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia. On January 6, 2025, Indonesia joined the group as a full member.
Kremlin Spokesman Dmitry Peskov said in January that BRICS was not discussing a unified currency for the alliance, focusing instead on establishing common investment platforms in third countries, as he commented on US President Donald Trump’s threats to impose 100% tariffs on goods from BRICS countries in the event that they create a new currency or reject the dollar.
