No plans for BRICS foreign money – Kremlin – INA NEWS
BRICS member states don’t have any plans to create a standard foreign money however are actively discussing joint funding platforms to boost financial cooperation, Kremlin spokesman Dmitry Peskov has acknowledged.
Chatting with journalists on Friday, Peskov addressed current remarks by US President Donald Trump, who has threatened to hit the BRICS international locations with tariffs ought to they create a joint foreign money to exchange the greenback.
“BRICS shouldn’t be contemplating the creation of a standard foreign money. This has neither been mentioned previously neither is it at the moment on the agenda,” Peskov clarified. “As a substitute, BRICS is concentrated on establishing new joint funding platforms that may facilitate investments in third international locations, in addition to mutual investments amongst member states,” he stated.
On Thursday, Trump warned off BRICS member international locations from changing the “mighty US greenback” as a reserve foreign money, repeating the specter of 100% tariffs he made weeks after profitable November’s presidential elections.
“There is no such thing as a probability that BRICS will change the US greenback in worldwide commerce or wherever else, and any nation that tries ought to say hiya to tariffs and goodbye to America!” Trump wrote on his Fact Social platform.
Hypothesis a couple of potential BRICS single foreign money has circulated in recent times. In 2023, Brazilian President Luiz Inacio Lula da Silva voiced assist for the concept of a ‘buying and selling foreign money’ inside the financial bloc, drawing parallels to the creation of the euro. Nonetheless, leaders of different BRICS nations, together with Russia, India, China, and South Africa, denied discussing such a transfer.
BRICS leaders have repeatedly acknowledged that they’ve no real interest in weakening the greenback, and that the buck is simply weakened by its politicization.
Regardless of widespread hypothesis within the Western media, they stopped in need of saying plans for a standard foreign money on the final BRICS summit in Kazan, Russia, in October. As a substitute, they pledged to arrange a cross-border fee system to perform alongside the Western SWIFT community, and to extend their use of native currencies in worldwide commerce.
Through the summit, Russian President Vladimir Putin criticized Washington’s “weaponization” of the greenback via sanctions and monetary restrictions, calling it a “huge mistake” that’s pushing international locations to hunt alternate options.
The BRICS have strengthened ties within the face of Western sanctions, shifting to using nationwide currencies in mutual commerce and boosting monetary cooperation.
The group includes founding members Brazil, Russia, India, China, and South Africa, together with Egypt, Ethiopia, Iran, and the United Arab Emirates. Indonesia joined as a full member in January 2025. Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, and Uzbekistan have been named amongst these anticipated to formally turn out to be BRICS accomplice states this 12 months. Greater than 30 nations have utilized to hitch the group.
A report printed in October by Ernst & Younger India projected that coordinated BRICS insurance policies might steadily diminish the dominance of the US greenback in international commerce and international change reserves, scale back reliance on SWIFT, and problem Western economies’ technological management.
No plans for BRICS foreign money – Kremlin
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