Russia Pushes Forward on Dedollarization of Trade: Determined to Build a Self-Reliant and Multipolar Economy
Amid escalating geopolitical tensions and international sanctions, Russia is stepping up efforts to move away from its dependence on the US dollar, moving towards a global trade model based on national currencies and independent financial mechanisms.
At the 7th Moscow Academic Economic Forum on June 2, Russian Foreign Minister Sergey Lavrov delivered a strong message on the strategy of dedollarization of international trade. He stressed the importance of building independent payment mechanisms and encouraging the use of national currencies in cross-border transactions, considering this the key to strengthening Russia's economic and technological sovereignty.
“We are prioritizing measures to strengthen the self-reliant economy, including the development of international payment instruments that are not subject to external pressure,” Lavrov said, as quoted by TASS news agency.
Responding to Sanctions Building a Resilient Economic Model
According to Lavrov, the growing sanctions and the relentless efforts of Western countries to contain Russia’s development have increased the urgent need to build a flexible, sustainable economic system that is less dependent on the Western-controlled financial order.
He called for coordination among state agencies, businesses, academia and civil society to create a more multipolar and equitable economic structure, an alternative to the global financial system built around the US dollar.
BRICS, ASEAN and Blockchain: Drivers for Global De-Dollarization
Russia’s statement comes as a growing number of countries and economic alliances including BRICS, the Shanghai Cooperation Organization (SCO) and ASEAN – are actively pursuing non-dollar payment mechanisms to mitigate geopolitical risks and promote financial sovereignty.
In Russia alone, the de-dollarization trend is fueled by growing interest in decentralized technologies such as blockchain and digital assets. Many experts believe that instruments such as Bitcoin and national cryptocurrencies can play an important role in facilitating cross-border transactions independent of the traditional financial system, thereby strengthening the national economy against external pressures.
Strategic Vision: Financial Self-Reliance Is a National Priority
Russia is gradually concretizing its strategy of financial self-reliance by promoting bilateral agreements using the national currency, encouraging domestic businesses to pay in Russian rubles, and expanding cooperation with non-Western partners.
These efforts are not just a knee-jerk response to sanctions, but also represent a long-term vision of a multi-center global trading system where no single currency holds absolute dominance.