Russia has pushed back against warnings from US President Donald Trump regarding potential tariffs on BRICS nations.
At the same time, officials clarified that the group has no intention of replacing the US dollar with a new currency.
BRICS—a coalition of Brazil, Russia, India, China, South Africa, and more countries that joined later—was established in 2009 to promote economic cooperation.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
Crypto Token VS Coin (Animated Explainer & Examples)
According to a January 31 report, discussions among its members explored ways to strengthen trade, but Russia insisted that creating a shared currency was not part of the plan.
Dmitry Peskov, Kremlin spokesperson, addressed the topic directly, stating:
The point is that BRICS is not talking about creating a common currency, nor has it ever done so.
Instead, he explained, the group is working on new investment projects to support economic growth in developing regions.
In 2023, some BRICS nations, including Brazil, have suggested using a shared currency for trade to reduce dependence on the US dollar. In October 2024, discussions included a gold-backed currency idea known as the “Unit”.
President Trump, however, made it clear he would not accept such action. He stated, "The idea that the BRICS Countries are trying to move away from the dollar, while we stand by and watch, is over".
He also warned, “There is no chance that BRICS will replace the US dollar in International trade or anywhere else, and any country that tries should say hello to tariffs and goodbye to America”.
President Trump’s comments came just a week after he signed an executive order on January 23. What did the order highlight? Read the full story.
