"The share of national currencies in settlements between the BRICS countries is already rapidly growing. The BRICS countries have initiatives that address the need to work on the creation of their own currency. The reason is very simple: we cannot rely on mechanisms which are in the hands of those who can cheat at any time and refuse to fulfill their obligations," Lavrov said following his talks with Eswatini Foreign Minister Thuli Dladla.
In June, Russian President Vladimir Putin told the BRICS Business Forum that the five major emerging economies within the group (Russia, China, Brazil, India and South Africa) should establish an international reserve system based on a basket of BRICS currencies. Although it may take years for the group to create the monetary system, the final result is likely to be an equilibrium between the competing Western dollar-based system and the BRICS currency basket.
BRICS is an informal association of several of the world's largest developing economies, which was formed in 2006 to enhance cooperation between these nations and adopt a common approach to global economic challenges.