Russia Deputy Prime Minister Hints at Big Announcement: BRICS Currency Developments

Is a BRICS currency closer than we think? All eyes are on the upcoming BRICS summit, scheduled for October 2025, as Russia’s Deputy Prime Minister Alexei Overchuk recently hinted that the BRICS alliance might discuss the formation of a new currency in the upcoming summit in August. This news is generating significant buzz within the global financial community.

The BRICS bloc is advancing, and this potential currency represents a significant step in its ambition to establish a more independent financial framework. The discussions follow a period of increased economic cooperation and collaboration among the BRICS nations (Brazil, Russia, India, China, and South Africa).

Following initial speculation, On the heels of the summit, Russia’s Deputy Foreign Minister Sergei Ryabkov provided the latest update about the forming of the BRICS currency, further fueling anticipation. While details remain scarce, the Deputy Prime Minister's announcement suggests substantial progress.

Key to this progress is ongoing dialogue and planning. 21 Ambassador Kwele revealed plans for a meeting between Finance Ministers in May to further discuss this currency initiative. This meeting is expected to address crucial aspects such as the currency's backing, valuation, and implementation strategy.

The United Arab Emirates is also playing a crucial role. The Sheikh Mansour bin Zayed Al Nahyan, the Deputy Prime Minister and the Governor of the Central Bank of the United Arab Emirates (CBUAE) spearheaded the payment, indicating the growing international interest and support for the BRICS initiative.

Stay tuned for more updates as the BRICS nations continue to develop this potentially game-changing currency. The implications for global trade, investment, and the balance of financial power could be profound. We will be closely monitoring the upcoming BRICS summit in August for further announcements from Russia's Deputy Prime Minister and other key figures.