The Kremlin on Friday brushed off a repeat threat by U.S. President Donald Trump to impose tariffs on the BRICS grouping of countries if it created its own currency, saying there was no such plan.

Russia countered United States President Donald Trump’s tariff threat against BRICS while claiming the group has no intention to dethrone the US dollar. BRICS — a group of emerging economies including Brazil,

US President Donald Trump has promised to impose 100% tariffs on goods from BRICS countries, including Russia, if they refuse to use the US dollar. Read RBC-Ukraine’s analysis on how serious these threats are and what will happen to the economies of these countries if Trump dares to take this step.