Russia’s increasing pivot toward de-dollarization is reshaping global trade dynamics, particularly across Asia’s major energy and commodity corridors. Russian Deputy Prime Minister Alexander Novak revealed on Oct. 20 that the country has transitioned 90%–95% of its trade settlements with China and India into national currencies, marking a significant shift away from reliance on the U.S. dollar. The move underscores a broader realignment in international finance as Moscow adapts to restrictions imposed by Western nations.

Novak explained during an interview with the Solovyov Live TV channel, as reported by Tass:

The market itself meets the need for settlements in national currencies. For example, with our friends from China and India, we have already switched to national currencies by 90–95%.

“This is automatic, without any purpose, because they don’t allow settlements in the respective currency, which used to be the hegemonic one,” he explained. The Russian deputy prime minister emphasized that this transition occurred naturally, without direct state intervention, as the global financial landscape adjusted to sanctions limiting Russia’s access to dollar-based payment systems.

Despite the geopolitical pressure, Novak stated that using local currencies has not hindered trade flows between Russia and its key Asian partners. Instead, the arrangement has allowed Moscow to sustain exports of energy and commodities while reinforcing bilateral economic ties.

Countries within BRICS, ASEAN, and the Shanghai Cooperation Organization (SCO) are intensifying de-dollarization to reduce exposure to U.S. sanctions, inflationary risks, and the political leverage tied to the dollar’s dominance. By shifting to local currencies or alternative reserve systems, they aim to strengthen economic sovereignty and shield themselves from U.S.-centric financial shocks. These efforts reflect shifting geopolitical dynamics and growing momentum toward a more multipolar global financial order.

• How significant is Russia’s move toward de-dollarization in global trade?
  Russia’s transition of 90–95% of trade settlements with China and India into national currencies marks a major step in reshaping global trade flows and reducing dependence on the U.S. dollar.
• What impact does de-dollarization have on Russia’s energy and commodity exports?
  By using local currencies, Russia has maintained stable energy and commodity exports while deepening trade relations with key Asian markets despite Western sanctions.
• How does this shift affect investor perspectives on emerging markets?
  Investors view the de-dollarization trend as a signal of rising multipolarity in finance, potentially opening new opportunities in BRICS and Asian currency markets.
• What are the long-term implications of this move for the U.S. dollar’s global role?
  As Russia and its partners expand trade in local currencies, the dollar’s dominance may erode, fostering greater diversification and resilience across global financial systems.

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