Benefits are enermous Look at USD role in the world and see what's going on Basically it will give Russia opportunity to print ruble with impunity as foreign counterparties will have to hold reserves in ruble At some point in not so distant future ruble might become reserve currency and be used as a benchmark for some commodities. Think petro ruble and grain ruble as other countries will start to transact between them in rubles Just switching commodities trade into ruble will likely make Russia 3-4 economy in the world from being currently 11 th Of course west will try to prevent it with whatever it takes sanctions and if needed whatever it takes military response as if USD reserve status ends USA hegemony ends too
I am not sure if BRICS is the real answer. BRICS is not really a trading bloc as you are suggesting. Russia and China want to make BRICS a big deal. But India does not want BRICS to become another political grouping. India wants to pursue independent foreign policy. What is the current strength of BRICS? It is a just a large population group with fast growing economies. Currently it is just in a dialogue phase without any clear agenda. The acronym BRICS was coined by Americans to refer to fast growing low/middle income economies that have high potential. But after the grouping was formed, other than China and India they have taken a hit on their economic growth. So, now tell me what does BRICS really stand for? For that matter even any potential BRICS plus? How does Saudi Arabia fit into this? If this turns out to be some kind of political group that is anti-US or anti EU, India would surely quit this group. Imagine this group without its fastest growing economy. Such a political formation would repel KSA too. A currency based on BRICS currency basket may not be acceptable to the rest of the world. And executing transactions in that could be a nightmare although not impossible. On a sidenote, does the world really need a benchmark currency? I don't think so.