The BRICS Are Making Progress on the Idea of a Common Currency, but the Hegemony of the Dollar Still Has a Long Way to Go.

The BRICS common currency project will be a long, difficult and uncertain road.

From October 22 to 24, 2024, the 16th BRICS summit was held in Kazan, Russia. It was an opportunity for Vladimir Putin to demonstrate that, despite Western sanctions, Russia is not as isolated as it seems. Of course, Western economic sanctions are hurting Russia in its war effort in Ukraine, but Russia is not alone, at least not diplomatically.

This BRICS summit was an opportunity for Vladimir Putin to give a face to the common currency of countries that want to reshuffle the cards when it comes to the international monetary order dominated by the almighty American dollar.

Proud host of this BRICS summit, Vladimir Putin presented photographers with a banknote stamped with the five flags of the BRICS founding countries: Brazil, Russia, India, China and South Africa. These five flags were displayed on one side, while the other side featured the emblems of the 13 other partner countries in the organization's antechamber.