Putin states that a single currency is not an immediate goal for Brics

Russian President Vladimir Putin stated that the creation of a single currency for the Brics bloc is not an immediate goal for the group. The statement from the Russian leader was made on Thursday (4/12) during a visit to India. The delinking of trade within Brics from the dollar is a goal advocated by former Brazilian President Luiz Inácio Lula da Silva (PT). “We do not currently have this goal within Brics – the creation of a single currency. It’s a gradual process,” said Putin. According to the Russian President, one of the ten full members of the bloc of emerging economies, such a measure should happen but in a prudent manner, without skipping steps. Despite Putin’s stance, the possible creation of a single currency for transactions between Brics countries, which would reduce the dependence on the dollar in international trade, has been under discussion for some years.