India has no intention of undermining the US dollar, despite ongoing discussions within BRICS about financial cooperation, Indian Foreign Minister Subrahmanyam Jaishankar stated at the Doha Forum in Qatar on Saturday. The remarks follow comments from US President-elect Donald Trump, who recently threatened to impose 100% tariffs on BRICS nations if they create or endorse an alternative currency to the dollar.
Trump’s warning, issued via a social media post last month, cautioned BRICS members against attempting to replace the dollar in international trade. “Any country that tries should wave goodbye to America,” he declared.
Jaishankar, addressing the controversy, expressed uncertainty about what provoked Trump’s statement. He emphasized the strength of India’s ties with the US, noting that Indian Prime Minister Narendra Modi shares a close relationship with Trump. “The United States is our largest trade partner, and we have no interest in weakening the dollar at all,” Jaishankar affirmed. He added that while BRICS members do discuss financial matters, there is no active proposal to create a BRICS currency.
The idea of a BRICS common currency was initially floated by Russia during its 2022 presidency of the group and supported by Brazilian President Luiz Inacio Lula da Silva, who argued it could shield the bloc from dollar exchange rate volatility. However, during the BRICS summit held in Kazan, Russia, in October, no formal plans for such a currency materialized. Instead, the bloc committed to developing a cross-border payment system to operate alongside the Western SWIFT network and expanding the use of local currencies in trade.
Kremlin spokesman Dmitry Peskov emphasized that BRICS cooperation is not aimed at opposing the dollar or other currencies but is focused on advancing the collective interests of its members.
Russian President Vladimir Putin, in his address at the BRICS summit, criticized Washington’s “weaponization” of the dollar through sanctions and restricted access to the Western financial system, warning that such policies compel countries to seek alternatives.
BRICS, which originally included Brazil, Russia, India, China, and South Africa, expanded in January to include Egypt, Iran, Ethiopia, and the United Arab Emirates. Approximately 30 other nations have expressed interest in joining the group.
Jaishankar reiterated India’s pragmatic approach, underlining that the nation’s financial and trade policies prioritize stability and collaboration with global partners. “India has never been for de-dollarization,” he stated firmly, highlighting that BRICS initiatives are designed to complement, not disrupt, existing global financial systems.
