BRICS Prioritizes Investment Over Currency Unification, Says Russia
As global economic dynamics shift, BRICS is emphasizing investment cooperation rather than pursuing a unified currency, Russian officials clarified. Amid ongoing discussions about reducing reliance on the U.S. dollar, the bloc is focused on strengthening economic ties through new financial initiatives.
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Russia Clarifies BRICS’ Financial Priorities—No Common Currency in Sight
On January 31, Kremlin spokesperson Dmitry Peskov dismissed speculation about BRICS introducing a shared currency. Speaking to Russian news agency Tass, he confirmed that the economic alliance is not currently considering such a move. Instead, BRICS is working on new investment frameworks to enhance financial collaboration. His comments came in response to former U.S. President Donald Trump’s warning of potential tariffs if BRICS nations distanced themselves from the U.S. dollar.
“BRICS has not and is not discussing the creation of a common currency,” Peskov stated.
He further elaborated that the bloc’s primary focus is on establishing investment platforms to facilitate cross-border investments. He noted:
“BRICS is discussing new joint investment platforms that will support investments in third countries, mutual investments, and other financial initiatives.”
Peskov also echoed previous statements from Russian President Vladimir Putin, emphasizing that BRICS remains committed to investment-driven strategies rather than currency unification. In response to Trump’s remarks, he added:
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“Perhaps experts should explain the BRICS agenda to Mr. Trump in more detail.”
BRICS Expansion and Economic Strategy
Founded in 2006 by Brazil, Russia, India, and China, BRICS expanded in 2011 with the addition of South Africa. In January 2024, the bloc welcomed Egypt, Ethiopia, Iran, and the UAE, followed by Indonesia’s full membership shortly after. While BRICS continues to explore ways to enhance economic cooperation, Peskov’s comments reinforce that a common currency is not part of its immediate agenda.
The idea of a BRICS currency has gained attention in recent years as the group seeks alternatives to the U.S. dollar in international trade. However, while individual member nations advocate for financial independence, there is no unified agreement on adopting a single currency. Instead, many BRICS countries prefer mechanisms like trading in local currencies.
Meanwhile, Putin has criticized Western sanctions that use the U.S. dollar as a geopolitical tool, arguing that such measures erode trust in the currency and encourage nations to seek alternative financial systems. However, he has maintained that Russia is not actively attempting to abandon the U.S. dollar entirely.
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With investment partnerships at the core of its strategy, BRICS is positioning itself as a key player in shaping a multipolar global economy—without a shared currency in the near future.
