- Russia states it has no intention of undermining the U.S. dollar or targeting American financial interests.
- The BRICS alliance clarifies it is not coordinated to challenge the dollar or impact third countries’ currencies.
- President Vladimir Putin attributes Russia’s reduced use of the dollar to U.S. restrictions, not a deliberate move from Russia.
- India reports it has not implemented any policies for de-dollarization or moved forward with a unified BRICS currency.
- Claims from Donald Trump that BRICS attacks U.S. dollar dominance have been directly denied by both Russia and India.
Russia has restated its position, denying any active efforts to challenge the U.S. dollar. Speaking from Moscow on Tuesday, officials made clear their lack of interest in policies that would undermine the dollar’s status, responding to public comments by former U.S. President Donald Trump suggesting the BRICS alliance was designed to weaken American economic power.
A spokesperson for the Kremlin said the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, “has never targeted third countries or the U.S. dollar.” The statement follows remarks by Trump claiming the group represents an organized attack on the dollar’s global role.
President Vladimir Putin discussed recent declines in Russia’s dollar usage, emphasizing this was a result of external policies imposed by the United States. He stated, “We did not drop the dollar. The dollar is the universal currency. But it wasn’t us—we were banned and barred from [using] it. And now 95% of all the external trade of Russia is denominated in national currencies. They did it themselves with their own hands.” This refers to sanctions and trade restrictions placed on Russian institutions over recent years, which have forced Russian firms to use other currencies in international transactions.
India, another major member of BRICS, also addressed the issue. According to statements reported in early December, Indian officials said the country is not pursuing de-dollarization policies, nor has it reached any decisions on creating a BRICS currency. These remarks came after Trump warned of imposing 100% tariffs on BRICS nations if they attempted to stop using the U.S. dollar in trade.
The term “de-dollarization” refers to the process where countries reduce their reliance on the dollar by conducting international trade and finance using other currencies. While recent developments have led to speculation about coordinated efforts against the dollar, both Russia and India attribute changes in behavior to external pressures or a lack of formal policy, not to a strategic campaign against the United States. For more on this development, see the original report on Russia and China’s shifting strategies and Putin’s statements on de-dollarization.
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