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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.
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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.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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