"Since May 2023, we have been recognized as a dialogue partner in the SCO [Shanghai Cooperation Organisation]. We are also studying BRICS and its development. Moreover, we are interested in BRICS and the BRICS single currency initiative," the minister said in an interview.
In June 2022, Russian President Vladimir Putin told the BRICS Business Forum that the five major emerging economies should establish an international reserve system based on the basket of BRICS currencies. Although it may take years for the group to create such a monetary system, the final result is likely to be a balance between the competing Western dollar system and the BRICS currency basket.
In August 2023, Russian Chamber of Commerce and Industry head Sergey Katyrin told Sputnik that almost 50 countries had expressed their "theoretical" interest in joining BRICS, and 17 had already filed formal applications.
In September 2023, geopolitical analyst Pepe Escobar told Sputnik that the countries of the BRICS group of major emerging economies — Brazil, Russia, India, China and South Africa — should work on a unification of payment systems and a mechanism to trade in national currencies to boost mutual trade and be more independent.
On January 1, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia officially became full members of the BRICS.