Dmitry Peskov, spokesperson for Kremlin ruler Vladimir Putin, has swiftly denied that the creation of a new common currency is being discussed, following US President Donald Trump’s threat to impose 100% tariffs on BRICS countries if they attempt to establish their own currency to replace the US dollar.

The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum.

In recent years BRICS has become one of the most economically powerful groups. Two of its member states are among the top five largest economies in the world

U.S. President Donald Trump has reiterated his threat to impose 100% tariffs on BRICS nations if they try to replace the U.S. dollar as a reserve currency, ahead of his decision to impose 25% duties on Canadian and Mexican goods this weekend.