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According to rumors citing Russian politician Alexander Babakov, the BRICS nations are developing a new payment medium based on a policy that "does not support the dollar or euro." According to reports, he stated that the new currency would be backed by gold and other commodities such as rare earth elements.
While the report has yet to be validated by other members' authorities, it comes just days after South Africa dispatched top officials to Russia to discuss the "recalibration of the global order" with President Vladimir Putin's party. In addition, the country will host a BRICS meeting in August of this year.
Transactions in national currencies have begun among the BRICS countries. Russian President Vladimir Putin and China President Xi Jinping have agreed to use the Chinese yuan as a settlement currency with emerging markets. In addition, the Chinese government has struck a bilateral agreement with Brazil to ease commerce in their respective currencies.
The Russian official was reportedly pleased with his country's economic status while attacking US President Joe Biden and the European Union. He stated that the dollar and the euro serve the interests of Washington and London rather than the interests of the global community as a whole, underlining that they do not acknowledge Russia, India, and China as equal partners.
