Russia Addresses US Tariff Threats as BRICS Ramps up Dollar Escape Plan

Russia called U.S. threats over BRICS currency moves serious but stressed the bloc isn’t replacing the dollar—only modernizing finance to counter monopolistic global abuses.

Russia Responds to US Tariff Warnings Aimed at BRICS Currency Moves

Russian Deputy Foreign Minister Sergey Ryabkov, serving as Russia’s Sherpa to the BRICS group, addressed concerns about U.S. commentary on the alliance’s activities in an interview with the International Affairs journal. Ryabkov said Moscow views U.S. threats as serious but remains composed and committed to dialogue.

He explained that the group’s initiatives do not seek to replace the U.S. dollar but rather aim to update financial systems to protect member states from what he described as monopolistic abuse. He was quoted by Tass on April 3 as saying:

If one talks about some threats directed at BRICS and its member countries by the U.S. administration, then our attitude is serious but composed. We patiently explain that we are not developing any alternatives to the dollar within the BRICS framework.

“We are simply talking about modernizing the accounting and finance architecture in such a way that our interaction within the BRICS framework does not suffer from violations by some players who are essentially abusing their monopoly in this sphere in order to cause harm to somebody,” he added. According to Ryabkov, a foundation for these reforms has already been established, and Russia anticipates further progress under Brazil’s chairmanship of the group this year. He dismissed the notion that stronger U.S.-Russia bilateral ties might undercut BRICS’ relevance, describing the two tracks as unrelated.

Highlighting BRICS’ current trajectory, Ryabkov underlined the bloc’s growing role on the world stage and expanding appeal. “The group has gained momentum both from the point of view of ensuring increasingly more tangible practical results in various spheres and of its own expansion, increasing the potential of interacting with partner countries. Our BRICS today has a modern image and is recognized not only among the residents of its member states but also in the international community,” he said.

U.S. President Donald Trump warned BRICS nations against creating an alternative to the U.S. dollar, threatening 100% tariffs and restricted access to the U.S. market if they attempted to undermine the dollar’s role in global trade. He said any move to establish or support a new currency would lead to severe economic consequences. The remarks reflect Trump’s broader effort to preserve the dollar’s international dominance amid ongoing dedollarization initiatives by BRICS countries. ​Moreover, on April 2, President Trump announced a comprehensive tariff strategy, imposing a universal 10% tariff on all imports, with significantly higher rates for specific countries.