BRICS Nations To Issue New Currency Backed By Gold To Further Weaken The U.S. Dollar

BRICS Countries Are Swiftly Distancing From The USD To Strengthen Their Economies

BRICS nations - Brazil, Russia, India, China and South Africa - are working to strengthen their alliance via a new currency. De-dollarization refers to reducing the dollar’s dominance in global markets. It is a process of substituting the U.S. dollar as the currency used for trading oil and other commodities, such as LNG (liquefied natural gas).

India and Russia are expected to take the lead in developing a new BRICS currency that will be used by the five nations for cross-border trade and settlement.

“India and Russia should take the lead in forming a financial relationship to ultimately create a new common currency.” (State Duma Deputy Chairman Alexander Babakov during St. Petersburg International Economic Forum.)