Russia countered United States President Donald Trump’s tariff threat against BRICS while claiming the group has no intention to dethrone the US dollar. BRICS — a group of emerging economies including Brazil,

The Kremlin on Friday noted a repeat threat by U.S. President Donald Trump to impose tariffs on the BRICS grouping of countries if it created its own currency, but said there were no such plans. Trump on Thursday warned off BRICS member countries from replacing the U.

Kremlin spokesperson Dmitry Peskov clarified that BRICS, of which Russia is a member, was not considering the creation of a shared currency but was instead focused on developing joint investment platforms.