Brazil, Russia, India, China and South Africa may soon explore the possibility of creating their own currency within the framework of BRICS, an informal economic bloc comprised of these countries.
Russian Foreign Minister Sergey Lavrov raised the possibility during a visit to Angola, as he delivered a statement following a meeting with Angolan President Joao Lourenco.
Lavrov explained that the currency is needed given that the mechanisms created and promoted by the West – such as the inviolability of property, the presumption of innocence, fair competition and globalization – can be trampled upon at any time.
“Serious, self-respecting countries are perfectly aware of what is at stake,” Lavrov said.
This is why, the Russian foreign minister continued, there is talk among the countries from the BRICS and the CELAC (Community of Latin American and Caribbean States) about establishing their own new currencies within the frameworks of these blocs.
“This matter, for example, will definitely be discussed at the BRICS summit that is going to take place in South Africa in August,” Lavrov said, adding that the high-ranking guests from African nations invited to that summit include President Lourenco.