The BRICS countries (Brazil, Russia, India, China, and South Africa) have emerged as the world's largest GDP bloc, propelled by China's rapid economic expansion. The BRICS countries have become increasingly important players in the global economy, and are expected to continue to drive growth and innovation in a variety of sectors.

Yaroslav Lissovolik, a member of the Russian International Affairs Council (RIAC) and head of the analytical department at Sberbank, said the “BRICS reserve currency has taken on particular significance in recent months” following Russian president Putin’s remarks at the BRICS Summit. The analyst detailed that there’s also been recent legislation and debates concerning the “expediency of creating a new reserve currency.”