Russia official says Trump's threat will not stop work on BRICS payment system, RIA reports

FILE PHOTO: Russian Deputy Minister of Foreign Affairs Alexander Pankin attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. REUTERS/Anton Vaganov/File Photo

(Reuters) - Work will continue on the BRICS settlement system despite U.S. President-elect Donald Trump's threat to impose 100% import duties on countries that try to undermine the dollar, the RIA news agency cited a senior Russian official as saying on Friday.

Trump last week demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the U.S. dollar, saying they would otherwise face 100% tariffs.

RIA quoted Russian Deputy Foreign Minister Alexander Pankin as saying that BRICS was in fact working on a settlement system rather than a new international currency.

"Of course, it will continue," he said, referring to the work on the planned system.

(Reporting by Reuters; Editing by Muralikumar Anantharaman)