A BRICS banknote was presented at the summit in Kazan. It is supposedly a "symbol of joint work" of the organization's members.
In particular, at the summit, Russia wanted to present the creation of an alternative system of international payments without the use of the dollar. Instead, the BRICS countries did not support this idea of the Russian Federation.
"To have a common currency, you need to give someone the right to issue and regulate it, and this is tantamount to losing part of their sovereignty, and India and Brazil will never do this. That is why the idea that BRICS will somehow overthrow the dollar's supremacy is ridiculous." - commented Olesia Mykhailenko, Counsel in Banking and Finance practice.