(Reuters) – Work on the BRICS clearing system will continue despite U.S. President Donald Trump’s threat to impose 100% import tariffs on countries that try to weaken the dollar, the RIA news agency reported on Friday, citing a senior Russian official.

Last week, Trump demanded that BRICS member countries commit not to create a up-to-date currency or support another currency to replace the US dollar, saying they would otherwise face 100% tariffs.

RIA quoted Russian Deputy Foreign Minister Alexander Pankin as saying that BRICS was actually working on a settlement system, not a up-to-date international currency.

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