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.

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 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.