Lavrov: The BRICS summit scheduled to take place in South Africa will discuss the initiative to launch a currency for the group next August


The Russian Foreign Minister Sergey Lavrov said that the BRICS summit, scheduled to be held in South Africa next August, will discuss the initiative to launch a currency for the group.

Lavrov said, in statements he made after his meeting with Angolan President Joao Lourenco, Wednesday that the recent ideas call for the formation of a special currency for the BRICS group of countries that includes Russia, India, China, South Africa and Brazil as well as in Latin America”.

The Russian Foreign Minister added that the upcoming BRICS summit will discuss this initiative in particular, noting that representatives of African countries have been invited to attend this event.

On June 22, Russian President Vladimir Putin revealed that an international currency based on the BRICS basket of currencies was being considered.

Last November, the Economic Committee of the Eurasian Economic Union proposed the establishment of a payment system with a common payment card for the BRICS countries and the countries of the Eurasian Union (Russia, Kazakhstan, Belarus, Armenia, Kyrgyzstan), and the proposal revolves around a system capable of unifying Chinese and Indian payment systems.

The Brazilian and Eurasian Union payment systems.

This comes at a time when Russia and China have begun to take serious steps on the path of dealing with their national currencies, the most prominent of which is the agreement of the Russian Gazprom company and the Chinese company to convert payments for gas supplied through the Power of Siberia into Russian rubles and Chinese yuan.

It should be noted that Lavrov is currently on an African tour, which he started with a visit to South Africa last Monday.

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