"The work on moving towards a currency which Russia and BRICS could use for settlements or as a reference currency is ongoing. However, the matter of when this common currency will be developed is complicated as every single national legislation has its own specifics," Pankin told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
The development of the common currency is going to proceed gradually and with its own complexities, he continued.
"But there is also a mindset to use more national currencies, including digital ones, the digital ruble, for example, in economic relations," Pankin added.
At the BRICS summit in the South African city of Johannesburg in August 2023, the block's leaders adopted a declaration that calls for the use of local currencies in mutual trade and the strengthening of correspondent banking networks between the BRICS countries and enabling settlement in local currencies.
Earlier, at the concluding press conference of SPIEF-2024, Anton Kobyakov, Advisor to the President of the Russian Federation and responsible secretary of the organizing committee, cited President Vladimir Putin suggesting that the global economy will continue shift towards the multipolar system:
"The President of Russia has called on national forces worldwide to strengthen their sovereignties and develop their own national economies. There is confidence that a multipolar world will be able to defend its economic and political sovereignty and prevail over the unipolar structure subordinate to the American sovereign, as never before. The world has changed and is becoming increasingly unified", Kobyakov stressed.
The Russian city of St. Petersburg is hosting the 27th SPIEF from June 5-8. Last year, the forum drew 17,000 participants from 130 countries and saw the signing of more than 900 agreements.