A rising trend of de-dollarization is reshaping trade across Eurasia, as national currencies increasingly replace the U.S. dollar in cross-border transactions. Speaking at the 16th International Economic Forum “Russia – Islamic World: KazanForum” on May 16, Russian Deputy Minister of Economic Development Dmitry Volvach said that 93% of trade between Russia and its Eurasian Economic Union (EAEU) partners now takes place in national currencies.

The EAEU, comprising Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, has seen a sharp increase in local currency use since 2015. Volvach was quoted by Tass as saying:

If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%.

The Russian official pointed to similar shifts in trade with other regional partners. Settlements between Russia and Belarus now exceed 95% in national currencies, while 91% of trade with Commonwealth of Independent States (CIS) nations, such as Uzbekistan and Azerbaijan, is no longer conducted in U.S. dollars or euros. He attributed these trends to a consistent 7% average growth in trade volume between Russia and both the EAEU and CIS, noting that overall trade with CIS countries surpassed 10 trillion rubles—roughly $124 billion—last year. He emphasized that this transformation has not been forced through policy mandates but has developed through market demand.

Volvach said it is impossible to force participants in foreign trade to adopt a specific currency, emphasizing the continued demand for national currencies. He noted rising interest in currency pairs between the Russian ruble and those of partner countries, calling it a solid foundation for further economic growth. Strong performance across these economies, he added, is helping to strengthen a shared economic space and attract external partners to a barrier-free market in Eurasia.

The forum, held May 13–18 and attended by representatives from over 100 countries, took place amid a broader push by BRICS members—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and Indonesia—to reduce reliance on the U.S. dollar. In response to geopolitical risks and the growing politicization of Western financial systems, these countries are increasing the use of national currencies and expanding currency swap arrangements to support a more resilient, multipolar global economy.

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