Kremlin Confirms: No Plans for BRICS Currency
The BRICS bloc aims to create new joint investment platforms to enhance cooperation, as stated by Kremlin spokesman Dmitry Peskov. Read Full Article at RT.com.
TroibNews 
Kremlin spokesman Dmitry Peskov has confirmed that BRICS member states are not planning to establish a common currency but are actively looking into creating joint investment platforms to enhance economic cooperation.
In a statement to journalists on Friday, Peskov responded to comments made by US President Donald Trump, who issued threats of tariffs against BRICS nations if they pursued a joint currency to replace the dollar.
“BRICS is not considering the creation of a common currency. This has neither been discussed in the past nor is it currently on the agenda,” Peskov stated. “Instead, BRICS is focused on establishing new joint investment platforms that will facilitate investments in third countries, as well as mutual investments among member states,” he added.
On Thursday, Trump cautioned BRICS member countries against attempting to replace the “mighty US dollar” as a reserve currency, reiterating his earlier threats of 100% tariffs made shortly after winning the presidential elections in November.
“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!” Trump wrote on his Truth Social platform.
Speculation regarding a potential BRICS single currency has been prevalent in recent years. In 2023, Brazilian President Luiz Inacio Lula da Silva expressed support for the idea of a ‘trading currency’ within the bloc, likening it to the establishment of the euro. However, leaders from other BRICS nations, including Russia, India, China, and South Africa, have denied any discussions about such an initiative.
BRICS leaders have consistently emphasized their disinterest in undermining the dollar, asserting that its decline is a consequence of its politicization.
Despite intense speculation in Western media, they did not announce plans for a common currency at the recent BRICS summit held in Kazan, Russia, in October. Instead, they agreed to establish a cross-border payment system to work alongside the Western SWIFT network and to enhance the use of local currencies in international trade.
During the summit, Russian President Vladimir Putin criticized the US for “weaponizing” the dollar through sanctions and financial limitations, describing it as a “big mistake” that encourages countries to seek alternatives.
In light of Western sanctions, the BRICS group has strengthened its relationships, shifting to national currencies in mutual trade and increasing financial collaboration.
The BRICS group includes founding members Brazil, Russia, India, China, and South Africa, as well as Egypt, Ethiopia, Iran, and the United Arab Emirates. Indonesia is set to join as a full member in January 2025. Countries such as Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, and Uzbekistan are anticipated to officially become BRICS partner states this year. More than 30 nations have expressed interest in joining the group.
A report from Ernst & Young India published in October suggested that coordinated BRICS policies could gradually lessen the US dollar's dominance in global trade and foreign exchange reserves, reduce dependence on SWIFT, and challenge the technological leadership of Western economies.
Mathilde Moreau contributed to this report for TROIB News
In a statement to journalists on Friday, Peskov responded to comments made by US President Donald Trump, who issued threats of tariffs against BRICS nations if they pursued a joint currency to replace the dollar.
“BRICS is not considering the creation of a common currency. This has neither been discussed in the past nor is it currently on the agenda,” Peskov stated. “Instead, BRICS is focused on establishing new joint investment platforms that will facilitate investments in third countries, as well as mutual investments among member states,” he added.
On Thursday, Trump cautioned BRICS member countries against attempting to replace the “mighty US dollar” as a reserve currency, reiterating his earlier threats of 100% tariffs made shortly after winning the presidential elections in November.
“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!” Trump wrote on his Truth Social platform.
Speculation regarding a potential BRICS single currency has been prevalent in recent years. In 2023, Brazilian President Luiz Inacio Lula da Silva expressed support for the idea of a ‘trading currency’ within the bloc, likening it to the establishment of the euro. However, leaders from other BRICS nations, including Russia, India, China, and South Africa, have denied any discussions about such an initiative.
BRICS leaders have consistently emphasized their disinterest in undermining the dollar, asserting that its decline is a consequence of its politicization.
Despite intense speculation in Western media, they did not announce plans for a common currency at the recent BRICS summit held in Kazan, Russia, in October. Instead, they agreed to establish a cross-border payment system to work alongside the Western SWIFT network and to enhance the use of local currencies in international trade.
During the summit, Russian President Vladimir Putin criticized the US for “weaponizing” the dollar through sanctions and financial limitations, describing it as a “big mistake” that encourages countries to seek alternatives.
In light of Western sanctions, the BRICS group has strengthened its relationships, shifting to national currencies in mutual trade and increasing financial collaboration.
The BRICS group includes founding members Brazil, Russia, India, China, and South Africa, as well as Egypt, Ethiopia, Iran, and the United Arab Emirates. Indonesia is set to join as a full member in January 2025. Countries such as Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, and Uzbekistan are anticipated to officially become BRICS partner states this year. More than 30 nations have expressed interest in joining the group.
A report from Ernst & Young India published in October suggested that coordinated BRICS policies could gradually lessen the US dollar's dominance in global trade and foreign exchange reserves, reduce dependence on SWIFT, and challenge the technological leadership of Western economies.
Mathilde Moreau contributed to this report for TROIB News
