Russian President Vladimir Putin asserts that there is a crucial difference between banning the use of the dollar and abandoning it altogether. 

According to Putin, US President-elect Donald Trump's statements about sanctions against countries that seek to undermine the dominance of the greenback are based on misconceptions and do not apply to Russia. He believes that banning or restricting the dollar is not the same as abandoning it.

The Russian leader also points out that the greenback's position has been undermined by the current Biden-led US administration. This shift has led to changes in both the global and US economies, resulting in a transformation of the dollar's fundamental role as the world's reserve currency, albeit unintentionally. As such, Putin reassured the incoming US president, emphasizing that the US share in the global economy is shrinking, which in turn reduces the dollar's influence on global economic processes. Other financial instruments are rising in prominence as alternatives to the greenback.

Earlier, Donald Trump announced via his social media platform Truth Social that the White House would impose a crushing 100% tariff on goods from BRICS nations if they attempt to create a new currency to rival the US dollar or abandon it.

In this regard, China's foreign ministry stresses that it does not intend to engage in "block confrontation" with the United States or its currency. Instead, BRICS aims for universal development and prosperity, the ministry said.