Since well before the 2022 invasion of Ukraine, the Kremlin had been actively pursuing “de-dollarisation”, reducing reliance on the US currency to insulate the economy from Western financial pressure.
That strategy intensified after sweeping sanctions cut Russia off from large parts of the dollar system.Moscow shifted trade toward alternative currencies, deepened financial links with China and promoted parallel payment mechanisms.
A renewed embrace of the greenback hence represents a fundamental rethink.The memo, circulated among senior Russian officials this year, outlines seven areas of potential US-Russia cooperation tied to a future Ukraine peace deal.
These include joint oil and LNG projects, offshore drilling, access to critical minerals, preferential treatment for American companies re-entering Russia, and coordinated backing of fossil fuels over climate-focused policies favoured by Europe and China, as per the report.
The dollar provision, however, stands out. The document argues that rejoining the dollar system would expand Russia’s foreign exchange market and reduce balance-of-payments volatility.
For Washington, it suggests, such a shift would reinforce the dollar’s status as the world’s reserve currency.
The report cited western officials who remain sceptical that the Kremlin would ultimately jeopardise its strategic alignment with Beijing.
However, a dollar reset would hand the Trump camp a major geopolitical win.
