Russia has clarified that the BRICS economic alliance is not working towards creating a unified international currency. Russian spokesman Dmitry Peskov called the idea of a BRICS currency a “misconception,” stating the focus is on expanding trade settlements in local currencies instead. This aims to reduce reliance on the U.S. dollar, a shift accelerated by American sanctions. The upcoming 18th BRICS summit in India is now expected to prioritize discussions on local currency payments rather than launching a new tender.
The BRICS alliance is not forming a unified international currency, confirmed Russian spokesman Dmitry Peskov. He issued a clarification amid debate about the future of the U.S. dollar, calling the formation of an alternative currency a “misconception.” His statement was made during an international political forum held in Moscow.
Peskov added that BRICS is focusing on using local currencies for trade as an alternative payment system. He stressed that America’s imposition of sanctions has increased the usage of local currencies for transactions.
The spokesperson revealed that BRICS members are actively discussing expanding payments in local currencies. This allows their national currencies to actively compete with others in forex markets.
His statement comes amid international discussions over the prospects of a BRICS currency. Several commentators have called the tender a dominant force that could challenge the U.S. dollar.
The idea has also faced criticism from U.S. President Donald Trump, who previously warned BRICS members. The warnings included extended tariffs and reduced business deals over a long period.
Peskov’s comments precede the next BRICS summit scheduled for September in India. While commentators were confident about a currency discussion, his statements have cooled that dialogue.
Most likely, member nations will discuss ways to extend local currency payments at the summit. Moreover, Russia and China are advancing the ruble and yuan for settlements beyond the U.S. dollar.
