Kremlin dismisses allegations of plans for BRICS currency
(MENAFN) The Kremlin has denied any plans to create a common currency among BRICS nations, despite recent speculation and US President Donald Trump’s warnings. Spokesman Dmitry Peskov clarified on Friday that the group is not discussing the creation of a single currency but is instead focusing on establishing joint investment platforms for mutual cooperation and investments in third countries.
Trump had previously threatened BRICS countries with tariffs if they pursued a currency to replace the US dollar, a move that he suggested would harm any nation attempting it. Although there have been rumors about a potential BRICS currency, leaders from member states like Brazil, Russia, India, China, and South Africa have consistently rejected the idea.
BRICS leaders have instead focused on promoting the use of local currencies for trade and establishing a cross-border payment system to function alongside SWIFT. Russian President Vladimir Putin criticized the US's use of the dollar in sanctions, calling it a mistake that pushes other nations to seek alternatives. The group, which includes Brazil, Russia, India, China, South Africa, and other nations, continues to strengthen economic ties despite Western sanctions.
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