The ongoing conflict between Russia and Ukraine has left Moscow reeling under a wave of sanctions and limitations.
In light of this, President Vladimir Putin changed his foreign policy last week, designating China and India as his key partners on their international scene.
Now that a new currency has been created the relationship between the three countries (and a few others) seem ready to advance.
The BRICS countries are developing a new payment medium based on a policy that ‘does not defend the dollar or euro,” according to reports citing Russia Senator Alexander Babakov.
According to reports, he said the new currency would be backed by rare earth elements, gold, and other commodities.
The assertion was made just days before South Africa dispatched senior officials to Russia to discuss “recalibration of the global order” with president Vladimir Putin’s party, however other officials form the member countries have yet to confirm it. Also, the nation will host a BRICS conference in August of this year,
President Putin changed his foreign strategy earlier on friday, prioritising China and India.
The declaration was made only a few days after Chinese prime Xi Jinping visited Russia to strengthen the “No limits” alliance that had been proclaimed the previous year.
Russia will continue to develop a particularly privileged strategic partnership with the Republic of India with a view to enhancing and expanding cooperation in all areas on a mutually advantageous basis, “the statement said.
Russia will place special emphasis on increasing the volume of bilateral trade, strengthening investment and technological ties, and ensuring their resistance to destructive actions of unfriendly states and their alliance,”
In addition, it stated that it wanted to prioritise and strengthen its ability to play a global role in organisations like BRICS to help adapt the world order to the reality of multipolar world.
