The global shift toward settling trade in national currencies instead of the U.S. dollar is gaining traction, with Russia positioning itself at the forefront of this movement. During the seventh Moscow Academic Economic Forum on June 2, Russian Foreign Minister Sergey Lavrov stressed the importance of creating independent mechanisms for foreign trade as a way to reinforce the country’s economic autonomy. He was quoted by Tass as saying:

The tasks of further strengthening of Russia’s economic and technological sovereignty, including through the creation of mechanisms for servicing foreign trade independent of external pressure, and the transfer of international settlements into national currencies, are coming to the fore now.

Lavrov argued that the international landscape—characterized by heightened sanctions and what he described as “persisting attempts by a number of Western countries to curb the development of our country”—necessitates urgent action to build a resilient economic model. He called for a unified effort among government bodies, the business sector, academia, and civil society to support this transformation. According to Lavrov, such coordinated engagement is essential to establishing what he called a more just, multipolar economic architecture, in contrast to the Western-dominated global order.

The remarks follow a rising global interest in alternatives to the dollar for cross-border transactions, driven by efforts to reduce the impact of sanctions and reliance on centralized financial systems. Major economic groups such as BRICS, the Shanghai Cooperation Organization, and ASEAN are pursuing these alternatives. In Russia, this movement includes growing interest in decentralized technologies like blockchain and digital assets. Advocates say tools such as Bitcoin could support national economies by facilitating transactions outside conventional financial networks, contributing to de-dollarization and economic autonomy.

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