Putin: BRICS Partners Are Working on Currency Alternatives for Trade, Reserves

Vladimir Putin’s mention of a new international reserve currency in his speech at the BRICS Business Forum yesterday adds a new dimension to the global discussion about a new monetary system. Although several Russian officials had raised the issue especially in the aftermath of the western sanctions, it is the first time that the President of Russia has addressed the issue and endorsed it officially. It did not go unnoticed by Indian media such as Swarajya, in reporting that “Russian President Vladimir Putin on Wednesday (22 June) said that the BRICS countries are working on reliable alternative payment mechanisms for international settlements…. Further, he said that creation of an international reserve currency based on the basket of the BRICS currencies is also being considered.”