Dmitry Peskov, spokesperson for Kremlin ruler Vladimir Putin, has swiftly denied that the creation of a new common currency is being discussed, following US President Donald Trump’s threat to impose 100% tariffs on BRICS countries if they attempt to establish their own currency to replace the US dollar.

Press secretary of the President of Russia Dmitry Peskov confirmed that so far there is no talk of creating a common currency within the BRICS association. TASS informs about this today, January 31.

The Kremlin on Friday noted a repeat threat by U.S. President Donald Trump to impose tariffs on the BRICS grouping of countries if it created its own currency, but said there were no such plans.

U.S. President Donald Trump has reiterated his threat to impose 100% tariffs on BRICS nations if they try to replace the U.S. dollar as a reserve currency, ahead of his decision to impose 25% duties on Canadian and Mexican goods this weekend.