Russia responds to Trump’s BRICS threat

Peskov’s remarks come after Trump’s statement over the weekend on Truth Social, in which he warned that countries attempting to abandon the dollar in favor of an alternative would face severe economic consequences.

“The dollar is starting to lose its attractiveness as a reserve currency for many nations,” Peskov said, adding that the erosion of its dominance is a “process gaining strength.”

This shift, Peskov noted, is not limited to BRICS nations but is a broader movement worldwide. The use of national currencies in trade is becoming increasingly common, as more states seek alternatives to the dollar, particularly in light of Western sanctions and the weaponization of financial systems. BRICS previously comprised Brazil, Russia, India, China, and South Africa, and was expanded in January to include Egypt, Iran, Ethiopia, and the United Arab Emirates.

Russia has supported the development of the BRICS Bridge platform, designed to facilitate settlements in national currencies, including via digital channels. Foreign Minister Sergey Lavrov has emphasized that such initiatives aim to shield countries from the economic influence of the US and EU.

Peskov also referred to statements by Russian President Vladimir Putin during the BRICS summit in Kazan in October, where he pointed out that while Russia hasn’t “rejected” the dollar, it has had to find alternative financial systems to circumvent Western control over global financial infrastructure.