In a display that epitomizes the growing momentum towards global economic reconfiguration, the BRICS coalition unveiled a symbolic banknote during their 2023 summit in Johannesburg, South Africa. Crafted in Kirzhach, a quaint town in Russia’s Vladimir Region, a total of 1,000 such notes, each bearing a nominal value of 100 BRICS, were produced. The event marked a significant juncture in BRICS’ journey towards a multipolar world, a pursuit embodied in both symbolic gestures and substantive policies. This article provides an in-depth examination of the origin, design, meaning, and implications of this unique BRICS banknote, integrating contextual analysis and insights into the evolving role of BRICS in the global financial landscape.
The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—is increasingly seen as a coalition challenging the dominance of Western economic hegemony, advocating for a balanced and equitable international system. This symbolic banknote was introduced during a year when the BRICS partnership gained considerable prominence, partly due to the ongoing geopolitical reconfigurations across the globe. The bill represents not only a convergence of five nations but also an aspirational unity that extends beyond BRICS, considering its inclusion of new members and potential partners.
An Overview of the Banknote’s Symbolism
Russian President Vladimir Putin was presented with a symbolic BRICS banknote at the Kazan Summit, Russia, preceding the main 2023 BRICS meeting in Johannesburg. Kremlin spokesman Dmitry Peskov called the note quasi-money, emphasizing its representation of cooperation among BRICS member states. The banknote embodies not only the unity of BRICS but also their desire to assert themselves in a system historically dominated by Western financial powers.
The front side of the note features the national flags and the most recognizable symbols of Brazil, Russia, India, China, and South Africa. The symbols chosen for each country are iconic representations of their heritage and culture—a mosaic designed to underscore their sovereignty and unique identities within the BRICS coalition. The back side of the note further integrates the flags and names of new members such as Egypt, Ethiopia, Iran, and the UAE. Importantly, it also features the names of several countries that may become future BRICS partners, highlighting the potential for expansion beyond the current members.
Each element of the banknote is crafted by hand, an intricate process that signifies the dedication and purpose behind the note. This level of craftsmanship differentiates the note from merely another piece of currency; it serves as a token of alliance and a reminder of the group’s commitment to creating a balanced global order. The arrangement of the flags in a circle symbolizes equality among the BRICS states, an essential theme as the group champions inclusivity and mutual respect over hierarchical relationships.
Origins and Craftsmanship: The Vision Behind the Note
The creation of the banknote was spearheaded by Yevgeny Fyodorov, the founder and owner of Kirzhach Typography JSC. Fyodorov’s involvement in the project was not accidental; his company has a history of producing specialized prints, and this endeavor served as a tribute to BRICS’ goals of global cooperation and the emergence of a multipolar world. Fyodorov described the banknote as a “working sketch” for a new era, signifying the beginning of something that holds symbolic and potentially practical significance.
“It’s common knowledge that many big deals began with symbols and little things,” Fyodorov stated. His emphasis on the symbolic value of the banknote aligns with BRICS’ recent efforts to introduce financial instruments that could act as alternatives to the dollar-centric global financial system. In the context of international economics, symbolism often carries tangible effects—from signaling intent to setting a foundation for systemic changes.
The note was designed by Yury Yermakov, an artist whose experience spans multiple currencies worldwide. Yermakov has previously contributed to the development of over ten different national currencies, including creating a portrait of former Iraqi President Saddam Hussein for the Iraqi dinar and a portrait of Vietnam’s former leader Ho Chi Minh for the Vietnamese dong. This extensive experience made Yermakov the ideal candidate to undertake the BRICS project, bringing with him the expertise required to create a symbol that represents unity, diversity, and the ambition of the BRICS nations.
The bill’s design involved elaborate drawings and advanced anti-counterfeiting measures—a nod to the Russian tradition of reliable currency production. Fyodorov emphasized the safety features embedded in the note, likening them to the level of sophistication found in typical Russian banknotes. This characteristic is important, as it serves as a testament to BRICS’ commitment to ensuring the credibility and reliability of their symbolic currency, even though it is not intended for practical use in commerce.
The Symbolic Implications for BRICS and Global Power Dynamics
The unveiling of this banknote takes on profound significance in the larger context of BRICS’ advocacy for multipolarity. The BRICS alliance—representing a diverse set of economic, cultural, and geopolitical interests—has long called for reforms to the current global financial system, which is seen as being skewed towards Western interests, particularly those of the United States and its allies. The symbolism of the banknote reflects BRICS’ ambitions for greater autonomy in international financial transactions and a departure from dollar dependency.
One of the critical underlying messages of the symbolic banknote is the readiness of BRICS to explore alternative modes of economic interaction. Though President Putin made it clear that creating a single BRICS currency is not on the immediate agenda, the notion remains an aspiration within the broader discourse. As global dynamics shift—especially amidst geopolitical conflicts, economic sanctions, and a reevaluation of alliances—the BRICS bloc has increasingly positioned itself as a counterweight to Western economic supremacy.
The addition of new members to BRICS at the 2023 summit further underscores the growing influence of the coalition. The new members—Egypt, Ethiopia, Iran, and the UAE—bring a diversity of resources, geostrategic significance, and new markets to the coalition. Their inclusion is a powerful indication of BRICS’ expanding appeal, particularly among countries seeking alternatives to Western-led international organizations. The symbolic banknote’s inclusion of these new members’ flags and names shows BRICS’ commitment to embracing a larger coalition that may eventually stand on par with, or even rival, institutions like the G7.
The BRICS banknote thus acts as a symbol of both present unity and future aspirations. It carries the weight of the coalition’s goals—challenging the status quo, promoting equitable global growth, and encouraging economic interdependence without hegemonic dominance. By incorporating the symbols of both current and prospective members, the note extends a message of inclusivity and cooperation, positioning BRICS as a credible alternative to the established global order.
BRICS’ Economic Initiatives and the Push for Multipolarity
Beyond symbolism, BRICS has been making concrete strides towards enhancing economic collaboration. The creation of the BRICS New Development Bank (NDB) in 2014 was an early signal of the coalition’s intent to establish parallel financial institutions that cater to the development needs of member and non-member states alike. The banknote—in many ways—echoes this sentiment of building alternative institutions. Dmitry Peskov’s characterization of the note as “quasi-money” speaks to its hypothetical value in a future where BRICS has its own fully functional transnational currency.
The New Development Bank has focused on financing infrastructure and sustainable development projects in emerging economies, offering a much-needed alternative to loans provided by institutions like the World Bank and the International Monetary Fund (IMF). This has been particularly important as these Western-led financial institutions are often perceived as having stringent conditions that undermine the sovereignty of borrower nations. BRICS, in contrast, has promoted development with fewer political strings attached, thus gaining support from countries that have felt marginalized by traditional global financial institutions.
In light of recent global events, including economic sanctions and trade wars, BRICS’ role has become increasingly relevant. Sanctions imposed on Russia, a founding BRICS member, by Western countries have only accelerated the group’s push for alternative financial systems that minimize reliance on the dollar. China and Russia, in particular, have been working on establishing mechanisms for trade in their national currencies, circumventing the SWIFT system and reducing exposure to dollar-centric sanctions. The symbolic banknote reflects this ongoing transformation, encapsulating the drive for resilience in the face of external pressures.
Another notable BRICS initiative is the push towards de-dollarization—a concept that involves reducing the dependency on the U.S. dollar in international trade and financial transactions. Although a unified BRICS currency remains a distant goal, the group has already made significant headway by promoting the use of national currencies in bilateral trade. This gradual shift away from the dollar is seen as essential for protecting BRICS countries from the volatility of the dollar and the geopolitical risks associated with being reliant on a currency controlled by a single country. The banknote, though symbolic, hints at a future where BRICS could potentially issue a currency that reflects the collective economic might of its members.
Art and Anti-Counterfeiting: A Testament to Quality and Credibility
The artistry of the banknote is integral to its symbolism. The choice to handcraft each design element is a deliberate one, intended to convey the unique value and cultural heritage of each BRICS member. The front of the note features not only the national flags but also iconic cultural or historical symbols that represent the heritage of the BRICS countries. For instance, Brazil’s symbol reflects its vibrant history and culture, while Russia’s symbol—which is rooted in its centuries-old tradition—pays homage to its rich cultural landscape.
Yermakov’s involvement brings an added layer of credibility to the note’s production. Known for his previous work on national currencies, Yermakov ensures that the banknote is not just an artistic representation but also a secure item that adheres to the rigorous standards of typical currency production. The note incorporates anti-counterfeiting features akin to those found in Russian rubles, including watermarks, microprinting, and holographic elements. While the note is not meant for circulation, these features serve to emphasize its legitimacy and the seriousness with which BRICS views the potential for future financial cooperation.
Fyodorov, in discussing the note’s anti-counterfeiting measures, highlighted the importance of safeguarding the note from potential misuse. Though it is a commemorative piece, ensuring that it meets high standards of security reflects BRICS’ broader strategy—to build systems and symbols that are robust, credible, and resistant to exploitation. In the context of international relations, where credibility can often dictate the success or failure of initiatives, these efforts serve to bolster BRICS’ image as a capable and serious contender in the global financial landscape.
The Expanding Influence of BRICS: A Look at New Members
The addition of Egypt, Ethiopia, Iran, and the UAE as new BRICS members in 2023 is a significant development, and the banknote’s design reflects this expanded coalition. Each of these countries brings unique strengths to BRICS—from Ethiopia’s strategic position in Africa to Iran’s vast energy resources. Egypt, too, with its influential role in the Arab world, and the UAE, a financial hub in the Middle East, significantly enhance BRICS’ geostrategic footprint. Their inclusion not only expands the geographical representation of BRICS but also demonstrates its increasing attractiveness to countries that are disillusioned with Western economic structures.
The symbolic representation of these new members on the banknote is more than an artistic choice; it is a statement of intent. By featuring their flags and names, BRICS sends a clear message about its willingness to grow, diversify, and become more inclusive. The expanding roster of BRICS members also underscores the group’s role in providing a platform for countries that wish to challenge the status quo, particularly in economic terms. It signifies that BRICS is no longer just a loose coalition of emerging economies but is gradually evolving into a more structured and potentially influential global entity.
Economic Sanctions and the Resilience of BRICS
Sanctions have played a crucial role in shaping the financial strategies of BRICS nations, particularly Russia and China. Western sanctions, particularly those imposed on Russia following its actions in Ukraine, have highlighted the vulnerabilities of relying on Western-controlled financial systems and have accelerated efforts to develop alternatives. For BRICS, economic sanctions have acted as a catalyst, prompting the group to strengthen its internal financial mechanisms and reduce its exposure to external pressures.
The symbolic banknote, introduced at this juncture, acts as a reminder of the importance of resilience and self-sufficiency. It represents a step towards creating an environment where BRICS members can engage in economic activities without fear of external interference. The inclusion of anti-counterfeiting features in a non-circulatory note hints at the seriousness with which BRICS is approaching the idea of developing an independent financial system. It serves as a precursor to what could eventually become a fully-fledged BRICS currency, one that might be immune to the kind of geopolitical manipulation that currently characterizes the global financial system.
The Path Ahead for BRICS
The symbolic BRICS banknote, though not a functional currency, carries substantial weight in the geopolitical and economic discourse. It encapsulates the aspirations of the BRICS nations to foster a more balanced and multipolar world order—one that is not dominated by any single country or bloc. The banknote is not merely an artistic or commemorative piece; it is a symbol of unity, resilience, and the pursuit of economic autonomy. It highlights the potential for BRICS to redefine the global economic system by promoting inclusive growth, equitable development, and the establishment of alternative financial institutions.
The year 2023 marks a pivotal moment for BRICS, as the coalition moves towards greater integration and expands its membership. The symbolic banknote reflects this shift, representing both the current unity of BRICS and its future aspirations. While the creation of a single BRICS currency remains a distant goal, the banknote serves as a tangible reminder of what the group aims to achieve—a world where economic power is distributed more equitably, and where nations have the autonomy to determine their financial futures without undue external influence.
As BRICS continues to expand and evolve, the symbolic banknote will likely be remembered as an early representation of the group’s ambitions. It is a testament to the power of symbols in international relations and a reminder that significant changes often begin with small but meaningful gestures. In the face of a rapidly changing global landscape, BRICS is positioning itself as a beacon of cooperation, multipolarity, and mutual respect—values that are all intricately embedded in the design and symbolism of the banknote.
