Russian spokesman Dmitry Peskov stated on Jan. 31 that BRICS is currently not considering a shared currency, countering speculation on the topic. He said the economic bloc is focused on developing investment platforms to strengthen economic cooperation, according to Tass. His remarks responded to former U.S. President Donald Trump’s warning of potential tariffs on BRICS nations if they moved away from the U.S. dollar. He stressed:

BRICS has not and is not discussing the creation of a common currency.

Peskov elaborated on the economic focus of BRICS, underscoring that the bloc is prioritizing investment rather than currency unification. He explained: “BRICS is speaking about the creation of new joint investment platforms that will allow investments in third countries, mutual investments and so on.”

He also referenced Russian President Vladimir Putin’s previous remarks on the subject, reinforcing that the group’s primary agenda does not involve introducing a new currency. In a pointed remark regarding Trump’s statements, Peskov said: “Apparently experts should [explain] the BRICS agenda to Mr. Trump in more detail.”

BRICS, originally founded in 2006 by Brazil, Russia, India, and China, welcomed South Africa as a member in 2011. The organization expanded further in January 2024, with the addition of Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Most recently, Indonesia became a full-fledged member in January. While the group continues to strengthen economic collaboration, Peskov’s remarks confirm that BRICS remains focused on investment partnerships rather than the introduction of a unified currency.

Speculation about a BRICS common currency has persisted in recent years, particularly as the group sought to reduce reliance on the U.S. dollar in international trade. However, while individual nations within BRICS have voiced support for greater financial independence, there has been no consensus on adopting a single currency. Some BRICS member countries have expressed concerns over the complexities of such a move, favoring mechanisms like trade in local currencies instead. Meanwhile, Putin has reiterated that Russia is not actively seeking to abandon the U.S. dollar. However, he has been critical of Western sanctions that leverage the currency as a geopolitical tool. He has argued that such measures undermine confidence in the dollar’s reliability for global trade and push countries to explore alternative financial systems.

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