Work will continue on the BRICS settlement system despite US 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 US dollar, saying they would otherwise face 100% tariffs.

The looming challenge to dollar dominance

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.