The global trend toward de-dollarization has been gaining momentum as countries seek to reduce reliance on the U.S. dollar in international trade. Reflecting this broader movement, Deputy Prime Minister of the Russian Federation Alexei Overchuk revealed on June 19 at the St. Petersburg International Economic Forum (SPIEF) that Russia and Belarus have nearly completed their transition to using national currencies for mutual transactions. Overchuk stated:

We are increasing the share of mutual payments in national currencies. According to our data, it totaled 98.8% in the first quarter of 2025. In other words, it can be said that we have completely shifted to mutual payments in national currencies.

The Russian official also highlighted the significant expansion of bilateral trade between Russia and Belarus. During a roundtable discussion at the SPIEF, he stated: “Our countries are showing strong growth in mutual trade. Over the past five years, we have increased our trade turnover from $35 billion to nearly $51 billion. According to our data, in the first quarter of 2025 we also recorded a 3% increase compared to the previous year. For Belarus, Russia is the main trading partner, and this relationship is a special one.”

While some analysts argue that this de-dollarization strategy could insulate both countries from external financial disruptions and provide greater monetary sovereignty, others caution that it may limit their access to global financial markets and complicate international trade outside their immediate partnership. Proponents of the policy highlight its potential to strengthen economic ties between Russia and Belarus, fostering deeper integration and financial independence within the Eurasian region.

Beyond Russia and Belarus, countries within blocs like BRICS, the Shanghai Cooperation Organization (SCO), and ASEAN are increasingly settling trade in local currencies to reduce dependence on the U.S. dollar. Dollar reliance exposes nations to sanctions, exchange rate volatility, and U.S. monetary policy shifts. China pushes yuan-based trade, while India, Malaysia, Turkey, Argentina, and Zimbabwe expand bilateral currency agreements. This shift reflects a broader drive for monetary sovereignty and financial resilience amid geopolitical uncertainties.

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