Minister of Economic Development Alexei Ulyukaev tells Russian energy companies to ditch the dollar (photo: dpa)

Russia moves to end the dollar’s global dominance

Russia’s attack on the US dollar could, in theory, trigger a stock market collapse in the United States. Russia is in the process of abandoning the ‘petro-dollar’ as its trading unit for oil and gas. Russian energy companies have been told to ditch the dollar and sign contracts in rubles and the currencies of partner-countries. If Russia were successful in getting China, India, and others to drop the dollar from their international trade – in an anti-dollar alliance - the ramifications would be very serious.

<i>The threat of economic sanctions has caused the Kremlin to scramble for ‘de-dollarisation’. The desire to reduce the use of dollars is in line with China’s aim to promot...

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Professor Stefan Hedlund
As long as those who oppose the dollar can find no substitute, the only recourse would be to set up clearing houses and bilateral swap accounts. This is precisely what is happening.
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