Kremlin Ends Rumors : BRICS Not Planning A Unified Currency

The rumors about a common currency for the BRICS resurface regularly and fuel speculation about a possible counterweight to the dollar. As several nations seek to reduce their dependence on the greenback, the possibility of a shared currency raises concerns for the United States. Donald Trump has even threatened to impose sanctions on countries considering an alternative. However, the Kremlin has just defused the debate: no such project is under discussion. Instead, the bloc favors joint investment platforms, which leaves doubts about its true monetary strategy.

The Kremlin shuts the door on a single currency

Dmitry Peskov, spokesperson for the Kremlin, dismissed any ambiguity regarding Russia’s position: “the BRICS are not discussing the creation of a common currency.” This clarification responds to numerous rumors suggesting a project aimed at competing with the dollar. Despite the interest of some member countries in a monetary alternative, no such initiative is underway.

According to Peskov, discussions within the BRICS primarily focus on joint investment platforms and economic cooperation mechanisms. Far from seeking to disrupt the global monetary order, the group aims primarily to strengthen trade among its members.

This statement comes amid heightened tensions with Washington. Thus, some American officials perceive the BRICS as a threat to the dollar’s supremacy. By putting an end to speculation, Moscow seems to want to dispel concerns and avoid an economic escalation with the United States.

Trump intensifies pressure on the BRICS

While the Kremlin’s statement puts an end to speculation about a common currency for the BRICS, it does not alleviate the growing tensions with Washington. Donald Trump reacted firmly and threatened to impose a 100% tariff on products from the bloc’s countries that would consider creating a new currency. On Truth Social, he denounced an attempt to undermine the dollar and warned: “the idea that BRICS countries are trying to move away from the dollar while we sit idly by is OVER. They must commit not to create a new currency, or they will be completely excluded from the American market.”

These threats are part of a broader strategy aimed at maintaining the greenback’s hegemony in international trade. However, far from deterring BRICS countries, this pressure may accelerate the de-dollarization momentum. Rather than a single currency, the bloc is exploring other solutions, such as bilateral agreements in local currencies and using gold as a benchmark for certain transactions. In an increasingly fragmented economic environment, the diversification of financial settlements is gradually emerging as a viable alternative.

Paradoxically, Trump’s stance could strengthen the willingness of emerging nations to break free from the dollar. In trying to deter any questioning of the greenback’s supremacy, he risks pushing BRICS countries to intensify their financial cooperation, thereby widening the gap with the United States. While no common currency is in preparation, the movement towards a monetary multipolarization seems inevitable.

The Kremlin’s clarification ends the debate on a single BRICS currency, but not on global monetary diversification. While the bloc does not plan to unify its currencies, several members are already seeking alternatives to the dollar to secure their exchanges. The U.S. sanctions and trade tensions may accelerate this movement, prompting more countries to strengthen their local currency payment mechanisms. This fragmentation of exchanges is gradually shaping a financial multipolarization, still limited to regional transactions. It remains to be seen whether this trend will remain marginal or ultimately rebalance the international monetary order.