Can Russia Launch the BRICS Currency?
As global powers look for alternatives to the U.S. dollar, BRICS has surfaced as a potential force with its proposal for a shared currency. But how realistic is this vision — especially with Russia at the helm?
Despite pushing for a BRICS currency, Russia’s current situation tells another story:
Economically, Russia is under heavy sanctions, with a weakened ruble and shrinking foreign reserves. How can a fragile economy lead a new global financial project?
Politically, Moscow's international standing has dropped significantly due to its actions in Ukraine and widespread human rights concerns. Even within BRICS, support is cautious at best.
Regionally, Russia’s influence in Central and South Asia is diminishing. Once close allies are now questioning its reliability.
Internally, BRICS nations have diverse economic goals. Without institutional harmony and a stable roadmap, a unified BRICS currency remains a theoretical ambition.
