- Russia maintains a composed yet serious stance, emphasizing BRICS aims to reform global finance, not challenge the dollar.
- Despite U.S. threats and tariff hikes, Russia counters with targeted duties while reinforcing BRICS unity and future growth.
Russia is not backing down in response to America’s most recent economic threats. During a talk with International Affairs, the Russian Deputy Foreign Minister Sergey Ryabkov addressed the United States’ alleged to BRICS financial operations. Ryabkov, also Russia’s Sherpa to the BRICS alliance, stayed calm but firm, saying the group’s direction is focused on reform, not retaliation.
“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,” Ryabkov said.
The alliance, he insisted, isn’t building a substitute for the U.S. dollar. Instead, they are updating outdated structures to protect against monopoly-style tactics in global finance. Ryabkov was equally blunt about U.S. interference, stating:
“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.”
BRICS Stays the Course Despite Washington’s Pressure
On April 2, Trump launched a new massive tariff plan. A broad 10% was cut across all the imports, but the places that were seen as “disorderly” for the dollar system were faced with an even stronger attack. The BRICS nations were also given a warning by the White House that a step towards another currency could be met with an imposition of 100% tariffs and be locked out of the American market.
Trump made it very clear that any action to start or back up another non-dollar currency would have severe economic drawbacks. His message was loud and clear: if you choose not to use the dollar, you will definitely spend more money.
Ironically, even as these threats were rolling out, Russia found itself on the exemption list. The U.S. clarified that existing sanctions already cripple most Russia-U.S. trade, making extra tariffs pointless. For now, Moscow’s direct economic impact from the U.S. decision is limited, but the geopolitical tension is rising fast.
Russia Shields Itself with Targeted Tariff Strikes
While the U.S. targets BRICS with economic sticks, Russia has sharpened its own. In July 2024, Moscow fired back with steep tariffs on goods from nations that joined in sanctioning it. Poland saw 35% duties slapped on perfumes and shampoos. The Baltic trio—Lithuania, Latvia, and Estonia—faced a 50% hike on wallpapers. Other imports like candies, beer, and biscuits were also on the list.
This was more than economic payback. According to Kremlin spokesperson Dmitry Peskov, the move was essential to cushion Russia from volatile global forecasts driven by Washington’s trade reshuffling. The Kremlin signaled more steps ahead to minimize fallout from what it sees as an increasingly weaponized trade order.
At the same time, Ryabkov pointed to the BRICS bloc’s growing footprint. He praised Brazil’s 2024 leadership and said a solid foundation had already been built for future progress.
“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,” he said.
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