MICHAEL CORBIN
As the current chair of BRICS, Russia is pursuing a rather extensive agenda related to finance that includes enhancing the role of member countries in the international monetary and financial system and developing interbank cooperation and settlements in national currencies.
BRICS is an intergovernmental organization founded by Brazil, Russia, India, China, South Africa that recently expanded and now includes Iran, Egypt, Ethiopia, and the United Arab Emirates.
There has also been discussion of a potential BRICS currency as part of a strategy of de-dollarization — the substitution of the dollar as the primary currency for international financial transactions. The U.S. trade war with China, as well as U.S. sanctions on China and Russia, are central to this ongoing discussion.
Although much U.S. media attention was paid to the enhancement of military and political cooperation during the summit between Russian President Vladimir Putin and Chinese President Xi Jinping in Beijing earlier this month, financial issues also figured high on the agenda.
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