BRICS Nations Say New Currency May Offer Shield From Sanctions

June 1, 2023

-Foreign ministers of bloc discussed boosting shared influence

-Member Russia has been hit by sanctions over Ukraine invasion

BRICS nations asked the bloc’s specially created bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia.

The foreign ministers of Brazil, Russia, India, China and South Africa convened in Cape Town earlier Thursday to discuss how the bloc can win greater global influence and to challenge the US. While they didn’t reach firm conclusions, the use of alternative currencies was among the prominent talking points.

https://www.bloomberg.com/news/articles/2023-06-01/brics-nations-say-new-currency-may-offer-shield-from-sanctions#xj4y7vzkg