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A BRICS currency may help shield countries from sanctions, says Pandor | Business

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BRICS nations asked the bloc’s specially created bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia.

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The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting. Proposals are being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the bloc “will be guided to them as to what the future models might be,” Pandor said, without providing further details.

 

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