Russian President Vladimir Putin unveiled a symbolic BRICS banknote on Wednesday at the economic cooperation’s summit in Kazan, Russia that ran from October 22 to 24.
“A total of 1,000 such notes – with a nominal value of 100 BRICS – were printed in the town of Kirzhach in Russia’s Vladimir Region. The bill was made in the run-up to the 2023 BRICS Summit in Johannesburg, South Africa,” Sputnik said on Friday. “Russian President Vladimir Putin was presented with a symbolic BRICS banknote at the group’s recent summit in Russia’s Kazan. Kremlin spokesman, Dmitry Peskov, called the note quasi-money because he stressed it epitomizes BRICS member states’ mutual cooperation.”
At the summit in Kazan, Putin was shown a symbolic "BRICS banknote."
— Sputnik (@SputnikInt) October 23, 2024
The note "represents the collective work being carried out within the BRICS framework."
On the front face of the banknote, the flags of the BRICS founding countries – Russia, China, India, Brazil, and South… pic.twitter.com/G1RqHxWuTQ
The symbolic note features flags and symbols of the founding member nations.
“The front side of the bill features the national flags and the most recognizable symbols of Brazil, Russia, India, China and South Africa, while its back displays the flags and names of new members, Egypt, Ethiopia, Iran, and the UAE, as well as the group’s potential partners. All the drawings are handmade,” Sputnik said on Friday.
The BRICS currency
— Russian Market (@runews) October 23, 2024
Wow.. pic.twitter.com/FbKlGh3mPd
It should be noted that the bill is likely just an indicator of things to come, as currently BRICS members have interest in trading in their national currencies. A move that still substitutes the U.S. dollar as a world reserve currency.
“Brazil is extremely interested in using national currencies in trade between the BRICS countries, Brazilian Foreign Minister Mauro Vieira said,” Sputnik said Tuesday.
Putin clarified however, that the BRICS currency is not to supplant the U.S. dollar, merely be a substitute for it.
“The dollar remains the most important tool in global finance but using it as a political weapon undermines trust in the currency,” Putin said according to the Financial Express on Thursday.
“He stated that BRICS will not fight against the dollar but will seek alternative methods if the situation necessitates it. ‘If they block us, we’ll find alternatives’, he added, underscoring the pragmatic approach BRICS is adopting,” the Financial Express said on Thursday.
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