Before the summit, Russia outlined an alternative payment system in national BRICS currencies that would include a new messaging system
Russia has invited Saudi Crown Prince Mohammed bin Salman to attend the summit, foreign minister Sergei Lavrov said last month
The only financial institution the BRICS countries have established so far is the New Development Bank, created to finance sustainable development projects
The exchange would allow buyers to purchase directly from producers
The bank opened its fully licenced branch in mainland China in 2022 and grew its business there by 50 per cent in 2023
The kingdom of Saudi Arabia is said to be still considering an invitation to join the expanding economic bloc
Two GCC nations, the United Arab Emirates and Saudi Arabia, are now formally part of the BRICS bloc
As the UAE and Saudi Arabia join BRICS, the alliance brings the largest energy producers with the developing world’s biggest consumers
The BRICS grouping has announced an expansion in its ranks with six new members, including UAE, Saudi Arabia, Ethiopia and Egypt
At least 40 heads of state and government will join the leaders of Brazil, Russia, India, China, and South Africa at the summit in Sandton