The Kremlin responded to Trump's threats of imposing 100% tariffs if the dollar is rejected.

The BRICS single currency project, which the Kremlin has been advocating since 2022 with the promise of ending dollar hegemony, is currently not being realized.

This was stated by Kremlin spokesperson Dmitry Peskov at a briefing on Friday, commenting on American President Donald Trump's threat to impose 100% tariffs on BRICS countries if they abandon the dollar in trade, as reported by The Moscow Times.

Peskov mentioned that the creation of new financial platforms within BRICS "has not been and is not being conducted." He added that experts need to explain the "BRICS agenda" to Trump "in more detail."

Putin announced the intention to create an international reserve currency for BRICS in June 2022. He accused Western authorities of "irresponsible" macroeconomic policies, "including the launching of the printing press, uncontrolled issuance, and accumulation of unsecured debts."

After six months, Russian Foreign Minister Sergey Lavrov confirmed that the single currency project would be seriously discussed among the member states of the bloc.

"Serious countries that respect themselves understand perfectly what is at stake," he argued.

At the BRICS summit in Kazan in October 2024, Putin showcased a banknote of the potential currency, stating that it was printed by "someone from our side." However, he failed to convince the BRICS countries.

India does not wish to allow BRICS to transform into an "anti-American" organization dominated by Russia and China, Indian officials familiar with the matter told Bloomberg. According to agency sources, Brazil and South Africa share New Delhi's position.

The United Arab Emirates, which joined BRICS following the 2023 summit, "completely rejects" attempts to portray membership in the bloc as a sign that the Global South is in opposition to the West, a Bloomberg source noted. The UAE maintains very good relations with Western countries, including the USA, emphasized another official from the Arab nation.

Background. Recall that Trump threatens BRICS countries that wish to abandon the US dollar with 100% tariffs. These countries "will have to say goodbye to the opportunity to sell their goods in the wonderful US market," Trump stated.