Shared Currency Steps from Russia

While on his African tour, Russia ‘s Foreign Minister Sergey Lavrov addressed the press in Angola with a noteworthy announcement.

Russian Foreign Minister Sergei Lavrov highlighted the “increasing need for a shared currency, as discussed within BRICS, with initiatives to create currencies in Latin American and Caribbean countries. As these discussions come closer to fruition, they will certainly be decided on at the end of August when South Africa hosts this year’s Summit of BRICS nations.”

Over the last few months, a downward shift in the dollar exchange rate leveraged by Brazil, Russia, India, China, and South Africa (the BRICS alliance) has poised certain countries with a challenge of how to address policies involving currency movement. While some solutions have been proposed, two major players are joining together to consider establishing a shared currency as a viable option. 

shared currency steps from russia

Russia: “African Countries Should Be More Represented at the United Nations”

According to Lavrov, the West still utilizes the same colonialism strategies they employed in past centuries. In addition, it is taking advantage of foreign nations’ resources and misusing them for its own benefit.

“The West has demonstrated that the principles and concepts of globalization which it forged and circulated, such as the protection of property rights, equitable competition, and presumption of innocence, can be disregarded whenever desired. This is evidenced by recent occurrences in Afghanistan, Iraq, or during 2011’s Arab Spring uprising; all these events validate this overwhelming truth,” he asserted.

At a separate meeting with Angolan counterpart Tete Antonio, Lavrov said Russia supports the idea of reformation of the UN Security Council to increase the representation of African, Asian, and Latin American countries.

Pieter Aven

Pieter Aven is a business and financial journalist based in Boston covering stories at the intersection of business, technology and finance. He holds a degree in Germanic languages from the University of Brussels and a degree in journalism from Boston University.

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