• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 15, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

Russia is shifting to national currency for settlement from US Dollar

by Reshab Agarwal
May 31, 2023
in News, Trending
Reading Time: 3 mins read
0
Russia defaults payment of foreign debts for first time in 100 years

Russian Central Bank

TwitterWhatsappLinkedin

In a recent announcement by the Russian Foreign Minister, it was revealed that Russia is shifting to a national currency for settlement, moving away from using the US dollar for international settlements. The minister highlighted that Russia’s efforts to shift towards settlements in national currencies have been gaining momentum, resulting in a decline in the US dollar’s share. This move reflects Russia’s desire to reduce its dependency on the US currency and increase its economic sovereignty.

You might also like

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

Russia’sForeign Minister Sergey Lavrov affirms active transition to national currency settlements with partners, anticipating increased momentum in moving away from the US dollar. Lavrov emphasizes that this shift extends beyond Africa to Latin America, Asia, Iran, India, and China, with the US dollar’s share steadily declining.

Momentum Builds for De-Dollarization Trend

According to Tass, RRussia’sleading news agency, Russian Foreign Minister Sergey Lavrov stated on Monday that the use of national currencies for settlements between Russia and its partner countries would increasingly gain traction. When asked about Kenya’splan to pay for oil exports in its local currency, Lavrov commented:

“Of course, as trade turnover grows, the transition to payments in national currencies will become more practical — this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China.”

“The shift to settlements in national currencies is already underway, with the declining share of the dollar,” continued the Russian Foreign Minister, expressing confidence that this process will continue to gain momentum.

Furthermore, the Foreign Minister highlighted Brazilian President Luiz Inácio Lula da Silva’s proposal to prioritize the creation of an autonomous payment system that is not reliant on the US dollar or the euro. This proposed system would be developed through decisions and agreements within the framework of the BRICS New Development Bank.

Brazilian President’sDe-Dollarization advocacy & push for BRICS Currency

A strong advocate for de-dollarization, the Brazilian president has actively encouraged developing countries to move away from the US dollar as a reserve currency and instead utilize national currencies in trade. Additionally, he is a proponent of establishing a unified currency among the BRICS nations (Brazil, Russia, India, China, and South Africa). These countries have been intensifying economic collaboration and promoting the expansion of trade conducted in their respective national currencies.

During the second Eurasian Economic Forum, Alexey Overchuk, RRussia’sdeputy prime minister for Eurasian integration, disclosed that the Eurasian Economic Union (EAEU) has achieved substantial advancements in transitioning towards payments conducted in national currencies. He highlighted that Russia is shifting to a national currency for settlement, and the proportion of settlements made in national currencies in the mutual trade between EAEU member states reached 90% in March.

Global Shift: De-Dollarization efforts expand across regions

This development solidifies the fact that de-dollarization is now a tangible reality within the Eurasian Economic Union. Overchuk emphasized that the EAEU has effectively adopted payments in national currencies as the primary mode of conducting transactions.

The global trend of de-dollarization is rapidly gaining momentum, with an increasing number of countries actively pursuing measures to reduce dependence on the US dollar. In addition to the BRICS and the EAEU, there has been a significant development within the Association of Southeast Asian Nations (ASEAN), where 10 Southeast Asian nations have agreed to foster the use of national currencies.

Furthermore, high-ranking officials from nine Asian countries convened in Iran last week to deliberate on strategies for de-dollarization. These recent developments highlight the widespread commitment among nations to explore alternatives to the US dollar in international transactions.


In conclusion, the de-dollarization trend is rapidly progressing as countries worldwide actively seek to reduce their dependency on the US dollar. Russia is shifting to a national currency for settlement, along with the declining share of the US dollar, demonstrating a strategic move towards economic sovereignty.

This trend is not limited to Russia, as other countries like Brazil and ASEAN members are also prioritizing national currencies and promoting regional economic cooperation. The growing momentum of de-dollarization signifies a global movement towards diversification, increased autonomy, and a desire to establish a more equitable and resilient international financial system.

Also Read: Robert Kennedy Jr slams SEC for prioritizing banks over people.

Tags: #USDNational_currencyRussiaSettlements
Tweet54SendShare15
Previous Post

Nvidia Surpasses $1 Trillion Valuation Driven by AI Boom

Next Post

MediaTek signs on to use new smartphone technology introduced by SoftBank’s Arm

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

by Harikrishnan A
July 15, 2025
0
Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

A well-known website catering to Nintendo Switch piracy, Nsw2u, has been permanently taken offline following an investigation led by the FBI. The site, widely used for downloading illegal...

Read more

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

by Harikrishnan A
July 15, 2025
0
European Union Commences Investigation into Social Media Firm X for Alleged DSA Violations

French authorities have opened a formal investigation into the social media platform X—formerly known as Twitter—amid allegations that its algorithm may have been manipulated to support foreign interference...

Read more

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

by Harikrishnan A
July 15, 2025
0
Tesla Owner Burns Down Car and House After Plugging Directly Into Power Line

Tesla is in crisis management mode in Canada, cutting the price of its Model Y SUV by a staggering CAD $20,000 in an urgent attempt to recover from...

Read more
Next Post
MediaTek

MediaTek signs on to use new smartphone technology introduced by SoftBank's Arm

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?