As the BRICS summit enters its final day in Russia, discussions of financial reform have been accompanied by unverified social media reports about a potential BRICS currency announcement.
During the summit’s key sessions on Wednesday, Russian President Vladimir Putin highlighted the need for an alternative international payment system, adding that nearly 95 per cent of Russia-China trade already operates in rubles and yuan.
However, overnight social media posts claimed Putin had announced a new BRICS currency to replace the dollar – reports that have not been verified by official sources.
Putin predicted BRICS’ economic growth would reach 3.8 per cent in 2024/25, compared to global growth of 3.2-3.3 per cent. The summit’s actual focus centered on concrete financial initiatives, including Russia’s proposal for a grain exchange that could expand to trade oil, gas, and metals.
The Kazan Declaration revealed more measured progress toward financial cooperation, backing the use of local currencies in trade while still acknowledging the IMF’s role. Brazil and India notably expressed caution about the bloc becoming overly anti-Western or pro-Chinese in its orientation.
Brazilian President Lula da Silva, participating virtually due to a weekend head injury, supported alternative payment methods while discussing the New Development Bank’s role as an alternative to traditional Bretton Woods institutions.
The summit has marked Putin’s largest international platform since Russia’s invasion of Ukraine, though the conflict received limited attention in the proceedings. Kremlin spokesman Peskov noted that while Ukraine remained important for Russia, it “was far from being the central issue for BRICS.”
The meeting, attended by leaders including India’s Prime Minister Narendra Modi and Chinese Premier Li Qiang, also addressed the bloc’s expansion, having recently approved new members including Cuba, Bolivia, and Turkey, reflecting BRICS’ evolving role in global affairs.
The declaration supported studying additional Russian initiatives, including a BRICS Clear depositary system and common reinsurance company, while Putin proposed creating an investment platform to facilitate mutual investment between member countries.
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