BRICS Countries Have No Plans for a Common Currency, Focus on Investment Platforms
Kremlin Spokesman Dmitri Peskow clarified that the BRICS countries are not considering a common currency, neither in the past nor at present. The focus is on establishing new investment platforms that will facilitate investments in third countries and among member states.
Peskow’s statement came in response to US President Donald Trump’s warning that the BRICS countries would face 100% tariffs if they replaced the US dollar as a reserve currency. Trump’s statement on his Truth Social platform read, “There is no chance that the BRICS countries will replace the US dollar in international trade or elsewhere and any country that tries should say ‘hello’ to tariffs and ‘goodbye’ to America!”
In the past, there have been speculations about a potential common currency among the BRICS countries. In 2023, Brazilian President Luiz Inácio Lula da Silva expressed support for the idea of a “trade currency” within the economic block, drawing parallels with the creation of the Euro. However, other BRICS leaders, including those from Russia, India, China and South Africa, have rejected the idea.
BRICS representatives have repeatedly stated that they have no interest in weakening the US dollar and that the “Greenback” is only weakened by its politicization. Despite widespread speculation in Western media, the BRICS members did not announce any plans for a common currency at the latest summit in Kazan, Russia, in October. Instead, they promised to establish a cross-border payment system that will function parallel to the Western financial transaction system SWIFT and to use local currencies more in international trade.
During the summit, Russian President Vladimir Putin criticized Washington’s misuse of the dollar “as a weapon” through sanctions and financial restrictions, calling it a “big mistake” that would force countries to seek alternatives.
The BRICS have strengthened their relationships in the face of Western sanctions by shifting to the use of national currencies in trade and building up financial cooperation. The group consists of founding members Brazil, Russia, India, China and South Africa, as well as Egypt, Ethiopia, Iran and the United Arab Emirates. Indonesia was admitted as a full member in January 2025 and more than 30 countries have applied to join the group.