BRICS Banknote and Kazan Declaration: Highlights from 16th BRICS Summit in Russia

Several media reports suggest BRICS nations are planning to launch a currency banknote and that it could put pressure on the US dollar. The claims arise as Kazan in Russia is hosting the 16th BRICS Summit from October 22 to 24.

Reports suggest that Russian President Vladimir Putin has been presented ith a symbolic ‘BRICS bill’. Reportedly, Elvira Nabiullina, the head of Russia’s Central Bank, did not like the idea. Putin apparently presented the banknote to other global leaders.

The so-called BRICS Banknote could be called ‘the unit’. Earlier, The Jerusalem Post reported that the bill is going to be “40% backed by gold and 60% backed by reserves in member currencies.” Officials have yet to address the rumours.

BRICS grain exchange, currency and Kazan Declaration

Social media users have been posting photos of the BRICS bill. One netizen posted on X that the unveiling of the BRICS currency is an important move in the direction of a more multipolar financial system, aiming to promote greater economic sovereignty among members.

The BRICS Banknote carries the flags of the economic grouping’s founding countries, according to Sputnik. The Russian state-led agency further mentioned that a debate on creating a common BRICS currency has been held behind closed doors at the Kazan Summit.

The 16th BRICS Summit noted a milestone yesterday as member countries unanimously approved the Kazan Declaration – a comprehensive document reflecting the expanded member nations’ collective vision and objectives.

In the Kazan Declaration, the leaders of BRICS countries expressed their objective to strengthen cooperation under the three pillars of political and security, economic and financial, cultural and people-to-people cooperation.

During the Summit, the Russian President also proposed the creation of a BRICS grain exchange to help protect national markets from negative external interference, speculation and attempts to create an artificial food shortage. This exchange could tackle price fluctuations.

UAE President attends BRICS Summit in Kazan, Russia

UAE President HH Sheikh Mohamed bin Zayed is attending the BRICS Kazan Summit. It is the Gulf state’s first participation in the annual Summit as a member of the organisation. The UAE joined the grouping earlier this year, besides Egypt, Ethiopia and Iran.

In a post on X, His Highness noted his participation in the Summit, highlighting that the UAE supports multilateral cooperation that fosters peace and development, and strengthens collective action to address global challenges.

Through its BRICS membership, the UAE seeks to create a more stable and prosperous future for all. During his time in the Russian capital, Mohamed bin Zayed and Putin held meticulous bilateral discussions, touching on a number of important topics.

The UAE leader noted that the UAE-Russia bilateral relations are of a historical and strategic nature. He also emphasised his country’s readiness to improve bilateral trade numbers, and expressed his interest in facilitating more Russia-Ukraine prisoner exchanges.