BRICS countries are not seeking to abandon the use of the U.S. dollar in trade, as most of their financial reserves are held in the American currency, TASS reported, citing Brazil’s Secretary for Asia-Pacific Affairs at the Foreign Ministry, Eduardo Saboia.

“It wouldn’t make sense, since BRICS nations are major holders of dollar reserves. Our discussions within BRICS aim to facilitate trade among member states. None of the initiatives within BRICS are directed against anyone,” Saboia said in a recent interview.

Earlier, U.S. President-elect Donald Trump threatened to impose 100% tariffs on BRICS nations if they introduce a new currency or attempt to move away from the dollar.

Brazil assumed the rotating presidency of BRICS on January 1.