Sanctions imposed on Russia by the US, the EU, the UK and Canada due to the war in Ukraine have accelerated talks among Brics member states to lessen their reliance on the dollar for trade, but it is unlikely the emerging markets trade bloc will develop a common currency.

Brics’ representative in SA, Anil Sooklal, says discussions at the Brics (Brazil, Russia, India, China, SA) summit in August will expand on addressing the idea of deepening interaction in trading in local currencies because “countries want to have greater flexibility and to be less dependent on the dollar”...

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