Vasudha noticed the growing problem of mis/disinformation online after studying New Media at ACJ in Chennai and became interested in separating facts from fiction. She is interested in learning how global issues affect individuals on a micro level. Before joining Newschecker’s English team, she was working with Latestly.
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.
Claim
Russian President Vladimir Putin unveiled the new BRICS currency, which is set to replace the US Dollar.
Fact
No official record of any such “unveiling”. A commemorative note presented to Putin shared in false context.
Several social media users, including verified handles, claimed that a new single currency for the BRICS nation was unveiled at the bloc’s summit that was held from October 22 to 24 in Kazan under Russian chairmanship. Users who shared the post even “vouched” that the new “BRICS currency” is set to “replace the US Dollar.” Newschecker, however, found such claims to be untrue.
Photographs of Vladimir Putin holding a banknote went viral online, leading multiple X, Facebook and Instagram claiming that the Russian President has “officially presented,” “unveiled” the “new BRICS currency” challenging the US Dollar’s dominance in international trade.
Such posts can be seen here, here, here, here and here.
Also Read: Viral Photo Claiming To Show Aircraft Landing At Beirut Airport Amid Israeli Attack Is AI Generated
Fact Check/Verification
A keyword search for “BRICS currency” on Google yielded a report by Financial Times, dated October 25, 2024. The report clarified that the viral photograph does not show Vladimir Putin with an official BRICS currency note, but just “a mock-up presented to the Russian leader by enthusiasts.”
“The currency that President Putin is holding is a mock-up of a BRICS bill at the Kazan summit presented to him by enthusiasts and not an officially adopted BRICS currency note,” it quoted “officials” as saying.
We then looked up keywords “Putin,” and “BRICS currency note” in Russian on Google which led us to a report by Lenta.ru, dated October 23, 2024. “Russian President Vladimir Putin was presented with a “symbolic banknote” of the interstate association at the BRICS summit in Kazan (translated from Russia via Google),” it stated.
It further stated the Russian President’s Press Secretary, Dmitry Peskov said that the note, “symbolizes the common work that is being carried out within the framework of BRICS.” Adding that the note was printed by one of the Russian participants in the meeting. “He suggested that it could have been done by representatives of the Chamber of Commerce and Industry (translated from Russian via Google),” the report stated.
Another report by vladday.ru, stated that, “President Putin praised the money printed in Kirzhach in honour of the BRICS summit…Putin left the hall after the end of the BRICS meeting in an expanded format with a banknote in his hands. He showed it to the ministers and laughingly handed the banknote to the head of the Bank of Russia Elvira Nabiullina.”
Who Printed The Note?
“The idea to create such banknotes belongs to the philanthropist and Kirzhach entrepreneur Evgeny Fedorov (translated from Russian via Google),” said the report. Fedorov took to his Telegram channel to claim that he was the “author of the idea” of the note.
“I am personally very pleased to be the author of the idea. I think that this is a great success, which will now be common to the people of Kirzhach (translated from Russian Va Google),” he was quoted as saying in the report, which also carried his video byte holding the notes.
The idea of “commemorative banknote belongs to the director of the Kirzhach printing house, Yevgeny (Evgeny) Fedorov,” corroborated a report by RG.RU.
Adding, “As Evgeny Fedorov emphasised, the creation of the BRICS souvenir is a great deal of work by authors, printers, and artists. Outwardly, it is a real banknote, but at the same time it is a souvenir. And although it says on it that it is not a means of payment, the souvenir has already attracted the interest of banknote collectors. (translated from Russian Va Google)”
It also featured the images of such notes, crediting the same to the Kirzhach printing house.
Not The First Appearance Of ‘BRICS Note’
Russian ambassador to South Africa, Ilya Rogachev, had reportedly presented such a “BRICS bank note” of 100 denomination to the head of the UAE’s diplomatic mission, Mahash Saeed Alhameli in 2023 to mark the Emirates’ accession to the bloc.
Notably, six new members, including the UAE, were invited to join BRICS in August 2023, which officially joined in January 2024.
The Russian Embassy in South Africa had back then, too, clarified that it was merely a “commemorative banknote,” printed by Kirzhach Printing House, reported RT Arabic in September, 2023.
No Common BRICS Currency: PIB
Indian govt’s PIB Fact Check has termed claims about adoption of BRICS currency as “fake,” adding that there is “no common BRICS currency.”
While speculations about a common currency for the BRICS nations are rife, we did not find any credible/official release by the bloc or the participating countries on any such decision.
Conclusion
Viral posts claiming that Russian President Putin has unveiled a new single currency for the BRICS nations were found to be false.
Result: False
Sources
Report By Financial Times, Dated October 25, 2024
Report By Lenta.ru, Dated October 23, 2024
Report By vladday.ru, Dated October 24, 2024
Report By RG.RU, Dated October 24, 2024
Report By RT Arabic, Dated September 7, 2023
X Post By PIB Fact Check, Dated October 24, 2024
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Vasudha noticed the growing problem of mis/disinformation online after studying New Media at ACJ in Chennai and became interested in separating facts from fiction. She is interested in learning how global issues affect individuals on a micro level. Before joining Newschecker’s English team, she was working with Latestly.
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.
