Russia's President Putin has proposed an alternative currency system, dubbed "financial unity" among BRICS nations. However, the plan failed to garner enthusiasm from other member countries, including Brazil, India, China, and South Africa. The initiative aimed to reduce reliance on the US dollar as a reserve currency, but experts note that the proposal lacked concrete details and feasible implementation plans.

Source: https://www.ft.com/content/77ddacad-2de7-4bdc-bac7-d5ec3af32781