A recent interview with Sergei Rjabkow, Russia’s Deputy Foreign Minister, published in the magazine Meschdunarodnaja Schisn (International Life), has shed light on the BRICS group’s stance on developing alternatives to the US dollar.
Last year, US President Donald Trump threatened the BRICS nations with a 100% tariff if they were to abandon the US dollar as an international currency and establish a competing currency. In response, Rjabkow stated that Russia’s approach to the issue is serious but calm.
According to Rjabkow, the goal of the BRICS nations is to modernize the financial transaction system, ensuring that their interactions within the group are not subject to the dominance of certain actors who misuse their monopolistic position to harm others. This is not about replacing or substituting something, he emphasized.
Instead, the BRICS nations are seeking to establish a parallel mechanism for transactions in addition to the US dollar, Rjabkow explained. He noted that during the Russian presidency in 2024, significant progress has been made in this regard and Moscow expects further steps during Brazil’s presidency in the BRICS group this year. “At the very least, that is what we will be working towards” he said.
Rjabkow also expressed satisfaction that within the BRICS nations, there is a solid and well-established understanding that this is the path to follow in the financial and economic sphere.