The Kremlin has dismissed a renewed warning from U.S. President Donald Trump about imposing tariffs on BRICS nations if they move to establish a common currency. Dmitry Peskov, spokesperson for the Kremlin, clarified that BRICS has no such plan and is instead focused on fostering joint investment platforms. Trump reiterated his threat on Thursday, cautioning BRICS members against replacing the U.S. dollar as a global reserve currency.
This echoes a similar warning he made shortly after securing victory in the November presidential election. The former and now re-elected U.S. leader has repeatedly criticized moves by emerging economies to reduce reliance on the dollar, framing them as a challenge to U.S. economic influence. Peskov, addressing reporters on Friday, downplayed Trump’s comments, stating that such warnings were not new. “This is not the first time Trump has made such statements. They were made before, when he was just president-elect. He is simply repeating his previous position,” he said.
The Kremlin spokesman emphasized that BRICS comprising Brazil, Russia, India, China, and South Africa has never had discussions about launching a unified currency. Instead, he stressed that the group’s focus remains on establishing new investment mechanisms. “The point is that BRICS is not talking about creating a common currency, nor has it ever done so,” Peskov added. “What BRICS is discussing is the creation of joint investment platforms to enable mutual investments and financing in third countries.”
Peskov further suggested that U.S. officials may need to provide a clearer understanding of BRICS’ agenda to Trump. “In all likelihood, U.S. experts probably need to explain the BRICS agenda in more detail to Mr. Trump,” he remarked, underscoring Russia’s position that BRICS aims to enhance economic cooperation rather than challenge the dollar’s dominance outright. The BRICS grouping has sought greater financial independence from Western-controlled systems, particularly amid geopolitical tensions.
While some discussions have taken place regarding alternative payment mechanisms and the use of local currencies in trade, no formal push has been made for a common BRICS currency. Trump’s warning signals continued tensions between Washington and BRICS nations, particularly Russia and China, which have increased efforts to reduce dependency on Western financial institutions. Despite these tensions, BRICS remains committed to economic collaboration rather than currency unification, according to Kremlin statements. – By EuroWire News Desk.