Dmitry Peskov, the press secretary for Russian President Vladimir Putin, stated this morning that Russia is no longer pushing for a single BRICS currency, which had been promoted by the Kremlin since 2022. This announcement came after former U.S. President Donald Trump’s threat to impose a 100% tariff on BRICS countries that refuse to trade in U.S. dollars.
Peskov clarified that the creation of new financial platforms within BRICS “was never implemented and is not being pursued.” He added that experts should better explain BRICS’ goals to Trump.
The concept of a unified currency was first introduced by President Putin in June 2022, aimed at ending the dominance of the U.S. dollar. Russia’s Foreign Minister Sergey Lavrov reiterated in late 2022 that the BRICS nations would seriously consider discussing the idea of a single currency. However, during the October 2024 BRICS summit in Kazan, Putin presented a mock banknote of this proposed currency but failed to convince other BRICS members.
India, in particular, has resisted allowing BRICS to become an “anti-American” organization dominated by Russia and China, a stance shared by Brazil and South Africa. The United Arab Emirates, which joined BRICS after the 2023 summit, also rejects any notion that the group is opposed to the West, given its strong ties with Western countries, including the U.S.
Additionally, a BRICS financial ministers meeting in Moscow, where Russia promoted an alternative payment system to the U.S. dollar, was met with indifference from key BRICS members, with China, India, and South Africa sending lower-ranking officials instead of ministers.
