Kremlin snubs Trump threat to BRICS, says no new currency plan

Moscow: The Kremlin on Friday brushed off a repeat threat by US President Donald Trump to slap tariffs on the BRICS group of nations if it created its own currency, saying there was no such plan.

Trump on Thursday warned off BRICS member countries from replacing the US dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November presidential election.

But Kremlin spokesperson Dmitry Peskov said BRICS, of which Russia is a member, was not talking about setting up its own currency, but merely about creating joint investment platforms. "This is not the first time Trump has made such statements, it's not new. There have been statements like this before, back when he was just president-elect. So now, in fact, he has repeated his old thesis," he told reporters.


"We should probably recall the words of our president, which are much more important and meaningful for us after all. The point is that BRICS is not talking about creating a common currency, nor has it ever done so. BRICS is talking about creating new joint investment platforms that would allow joint investments in third countries, mutual investments and so on.

"In all likelihood, US experts probably need to explain the BRICS agenda in more detail to Mr. Trump," he said.