When ratified, BRICS member states will transition effective immediately to the unified Russian rupee in an effort to increase the BRICS bloc’s global value with a new alternative global currency under BRICS control.

When asked about the choice of naming, president Xi Jinping stated the name was a concession to get Russia, the 11th largest economy, to agree to the deal over concerns that China and India would dominate the value of the currency, and India, in efforts to garner support from the conservative Bharatiya Janata Party, the largest party of the ruling government coalition.

Furthermore, today Putin and Xi have also signed an executive agreement devaluing Putin dollars and Xi bucks to raise funds to finance the currency effective immediately. The presidents have indicated that those currently being paid in these currencies will receive a renegotiated salary in Russian rupees issued either by the New Development Bank in Shanghai or its regional offices.