Dmitry Peskov, spokesperson for Kremlin ruler Vladimir Putin, has swiftly denied that the creation of a new common currency is being discussed, following US President Donald Trump’s threat to impose 100% tariffs on BRICS countries if they attempt to establish their own currency to replace the US dollar.
Source: Kremlin-aligned Russian news agency RIA Novosti
Quote from Peskov: “There has never been any discussion within BRICS about creating a common currency. The BRICS is talking about creating new joint investment platforms that will allow for joint investment in third countries.”
Previously: US President Donald Trump promised to impose 100% tariffs on the BRICS members if they decide to create their own currency to replace the US dollar.
For reference: The BRICS group, established in 2009, brings together the world’s largest developing nations by area and population. Originally composed of Brazil, Russia, India, and China, it later expanded to include South Africa, Iran, Egypt, Ethiopia, the United Arab Emirates and Indonesia.
Russia, currently under US and EU sanctions, is actively advocating for the creation of a new currency for mutual settlements within the BRICS group. The aim is to reduce its reliance on the US dollar and circumvent the restrictions imposed by the international financial system.
Despite Russia’s push, there is no consensus among BRICS members on the issue. China, although supportive of strengthening the role of alternative currencies, remains cautious about the idea of a shared currency. Meanwhile, India prioritises its domestic economic interests and is reluctant to jeopardise its trade relations with the United States.
Background:
- In December 2024, Trump threatened to impose duties on the BRICS countries, saying “they will face 100% tariffs”.
- During the election campaign, Trump also vowed to impose 60% tariffs on Chinese goods, as well as 25% tariffs on all goods from Canada and Mexico.
