Kremlin spokesman Dmitry Peskov emphasized on Wednesday that Russia is not attempting to undermine the U.S. dollar, but instead is committed to protecting its own national interests. “We are not attempting to defeat the dollar and it is not needed to attempt to have the victory over it. The dollar is one of world’s currencies. This is the currency of one of the largest global economies,” Peskov was quoted by Tass as saying. He criticized what he termed as the “weaponizing” of the U.S. dollar, noting:

I regret saying this world’s economy, probably made a mistake at its folly and started weaponizing the dollar. This is their mistake. They simply did not understand consequences.

“We are not doing it against the dollar, we do it for ourselves, for our partners. And therefore we have already achieved the use [of national currencies] with the whole range of countries, and we make the lion’s share of our mutual settlements in local currencies, in national currencies,” he added.

At the recent BRICS summit in Kazan, Peskov described the meeting as “extremely fruitful,” highlighting broad representation, numerous guests, important discussions, and significant outcomes for Russia and other interested countries. He confirmed that financial and economic cooperation was on the agenda. However, he noted that creating a single BRICS currency was not substantively discussed, as it remains unlikely at present. Instead, he said BRICS countries focused on joint investment platforms to support development in less advanced member nations.

Regarding the dollar’s influence, Peskov expressed concern about its use as a political tool, stating, “Certainly, not all of the countries are ready so far to close interaction as regards creation of some payment systems.” He added:

On the other side, all the countries understand in some way that nowadays, when, for example, the global reserve currency, the U.S. dollar, is started to be used as an instrument in attempts to suppress one of world’s countries, Russia in this case, everyone understands this may occur with everyone.

He concluded that “countries, certainly, start thinking more and more that reserve, alternative methods of making payments are needed, and the alternative money transfer system.”

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