Russia is considering a return to the dollar as its main settlement currency in dealings tied to cooperation with U.S. President Donald Trump’s administration, according to a report cited by Walter Bloomberg. The reported internal Kremlin memo links dollar settlement to a broader economic partnership and connects it to a possible peace agreement on Ukraine. If adopted, the move would mark a sharp change from the policy path Russia has followed since the 2022 outbreak of the Russia-Ukraine war.
The memo ties dollar use to energy, minerals and market access
According to the report, the document outlines possible cooperation in fossil fuels, natural gas, offshore oil development, and critical minerals including lithium, copper, nickel and platinum. It also mentions conditions for U.S. companies to return to the Russian market and recover previous losses. Other areas named in the memo include long-term aviation contracts, joint energy development, and cooperation in nuclear energy, with references that even extend to AI-related applications.
The most closely watched point is Russia’s reported willingness to return to the dollar settlement system, potentially including energy trade. That would suggest a retreat from the efforts of recent years to settle trade with China and other countries in yuan or other non-dollar currencies, and a shift back toward the global financial network centered on the U.S. dollar.
A possible turn away from the post-sanctions de-dollarization push
After the war with Ukraine escalated, Western governments imposed heavy financial sanctions on Russia. Those measures included removing some Russian banks from SWIFT and freezing central bank assets. Russia then accelerated its de-dollarization drive, expanding the use of the ruble, the yuan and other alternatives. Against that backdrop, the contents of the reported memo stand out. They point in a very different direction.
The report says Russia may now see an opening to rebuild economic ties with Washington during Trump’s second term. By tying economic cooperation to a Ukraine peace arrangement, Moscow appears to be exploring whether policy concessions could bring sanctions relief, improved market access and a more stable environment for energy exports. That reading has added to interest in the story, even though no formal policy shift has been confirmed.
Questions remain over whether the proposal has moved past internal discussion
There is still no evidence that the proposal has been formally submitted to the U.S. government. The report says Western officials remain cautious, in part because they question whether President Vladimir Putin would support a move that could strain Russia’s relationship with China. China is currently Russia’s largest trading partner and a major pillar of the non-dollar settlement arrangements Russia has relied on since sanctions tightened.
Market watchers are also focused on the broader implications. A genuine Russian return to dollar settlements could affect energy pricing dynamics and reinforce the dollar’s role in global trade. It could also create new pressure on the internationalization of the yuan. For now, though, the memo remains an internal-discussion report rather than a confirmed policy decision.