Russia warned that U.S. efforts to enforce dollar use could backfire. The BRICS nations, while discussing a common currency, are unlikely to replace the dollar, as Trump threatens 100% tariffs on countries attempting to do so amid U.

Kremlin spokesperson Dmitry Peskov clarified that BRICS, of which Russia is a member, was not considering the creation of a shared currency but was instead focused on developing joint investment platforms.

US President Donald Trump on Friday issued a warning to BRICS nations, threatening 100 per cent tariffs on their exports if they attempt to replace the US dollar as the dominant currency in international trade.