Russia says: BRICS group will not abandon the creation of a unified currency.

Russian Deputy Foreign Minister Sergei Ryabkov said, "The idea of ​​creating a unified currency for BRICS has not been shelved," but its implementation is associated with serious aspects.

Ryabkov mentioned in a press conference at the "Rossiya Segodnya" media group that, "I won't say that this idea has been shelved, although its implementation, as we all understand, entails, among other things, aspects such as establishing a central bank that sets a common fundamental system, studying the discount rate, and exploring the possibilities of borrowing from the central bank by the participating countries' banks."

He expressed confidence that "a practical and satisfactory plan will be developed for the parties, and at the same time, it will be extremely bold and highly innovative in this field, in a future that is not measured in years and decades, but much faster."

Russian Foreign Minister Sergey Lavrov previously announced that the United States and other Western countries are increasingly concerned about the actions of BRICS countries to develop their own financial mechanisms.

Lavrov, during a meeting of the General Council Committee of the United Russia party on international cooperation and support for citizens abroad, pointed out that Moscow is "interested in increasing the role of BRICS countries in international monetary, financial, and trade systems, developing cooperation between banks, expanding the use of national currencies, and unifying efforts to establish its own credit rating agency and stock exchange."

On January 1st, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia joined Brazil, Russia, India, China, and South Africa as full new members of the BRICS group.