Russia’s Deputy Foreign Minister Ryabkov: “There is no plan to accept new members into BRICS this year”

Russia’s Deputy Foreign Minister Sergey Ryabkov announced that there are no plans to accept new members into BRICS this year. Ryabkov stated, “We respect Turkey’s desire to join BRICS.”

In a statement regarding new membership applications to BRICS, which includes Brazil, Russia, India, China, and South Africa as founding members, Sergey Ryabkov said in an interview with Serbian media, “The acceptance of new members is not on the agenda this year. The fact is that as of January 1, 2024, the number of BRICS members has nearly doubled, and the adaptation process for the newly joined members has not yet been completed.”

Emphasizing their respect for Turkey’s desire to join BRICS, Ryabkov said, “We are pleased with President Erdoğan’s visit to Kazan. We will continue in-depth discussions with our Turkish counterparts regarding how to address the long list of countries that have expressed their desire to join BRICS.”

Speaking about the idea of creating a BRICS currency to end dollar dominance, Ryabkov remarked, “There are different opinions, but if we consider that BRICS operates on a consensus basis, we cannot expect a very significant breakthrough in this area.”

Ryabkov noted that there is a long way to go from a gradual transition to payment systems using national currencies among member countries to the creation of a single currency, stating, “I believe that after the Kazan summit, everyone will make significant progress in this area.”

BRICS was established in 2006 by Brazil, Russia, India, and China, and South Africa joined in 2011. On January 1 of this year, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia became full members of the group.

The BRICS Summit, chaired by Russia, began today in the city of Kazan. The summit will conclude on October 24.