BRICS Nation New Currency Name, India, China, Brazil, Russia, South Africa

BRICS Nation New Currency Name, India BRICS Currency US Dollar 2023, Russia New Currency in BRICS Country, BRICS New Country Name List 2023. BRICS is working on a new currency” — Deputy Chairman of Russia’s Duma, Alexander Babakov currency will be backed up by gold and other commodities in oil, natural gas, gold and Lithium.

BRICS is a group of 5 country named Brazil, Russia, India, China and South Africa. These are powerful nation and day by day this group is attracting more and more future emerging economies such as Saudi Arabia, Egypt, Singapore, Indonesia, Maldives, Qatar etc.

Main objective of creating bloc of BRICS is to support small countries which wants urgent loan in industrial sector and stopping monopoly of US Dollar. Below are the current effects of BRICS in world economy:-

1.Saudi Arabia & other top oil producers announce oil production cuts. 

2.Japan ditches U.S. & allies, will purchase Russian oil above price cap. 

3.India ditches US dollar in new trade deal.

4. UAE and Russia negotiating normalisation of relations between Syria and Saudi Arabia.

All members of BRICS want to remove dependency on Petrol Dollar and wants to create new currency which is unacceptable to western countries. Russia is the main motivator of changing US sanctions in category of Dollar.

Indo Pacific, AUKUS, NATO, NATO plus, G7, G20 is the group supported by US except China and Russia.

BRICS Upcoming Country Joining List 2023: Saudi Arabia, UAE, Egypt, Algeria, Iran, Argentina, Mexico, and Nigeria are among the latest countries that are interested in joining BRICS. BRICS now contribute 31.5 % GDP of total countries in the world. And few months ago Mexico officially applies to become Ally of Brics.