Bloomberg: Russia May Return to Dollar-Based Transactions
Economy
According to Bloomberg, the Kremlin has prepared a memorandum considering Russia’s potential return to the international dollar system after a peace agreement with Ukraine. The document outlines seven areas of possible economic cooperation with the U.S., including aviation, energy, and raw materials.
Bloomberg reports that the memorandum, prepared in 2026 and circulated among senior Russian officials, suggests that Russia could resume dollar-based transactions after the conflict in Ukraine ends.
The document lists seven key areas of potential cooperation with the United States:
long-term contracts to modernize Russia’s aviation fleet and U.S. involvement in aircraft production;
joint oil and gas projects, including extraction in offshore and remote areas;
facilitating the return of U.S. companies to the Russian consumer market;
cooperation in nuclear energy using artificial intelligence;
resuming dollar-based transactions, including for Russian energy exports;
collaboration in raw materials such as lithium, copper, nickel, and platinum;
promoting fossil fuels alongside greener alternatives.
Bloomberg notes that returning to dollar-based transactions would mark a “radical shift” in Kremlin policy and could impact the global financial system.
However, Western officials consider it unlikely that Vladimir Putin would agree to a deal with the U.S. if it conflicts with China’s interests. Moscow and Washington are currently discussing potential economic agreements as part of a future peace deal on Ukraine.
According to The Bell, by September 2025, the ruble accounted for 57.4% of Russia’s exports, while 99% of trade with China is conducted in rubles and yuan.
The document lists seven key areas of potential cooperation with the United States:
long-term contracts to modernize Russia’s aviation fleet and U.S. involvement in aircraft production;
joint oil and gas projects, including extraction in offshore and remote areas;
facilitating the return of U.S. companies to the Russian consumer market;
cooperation in nuclear energy using artificial intelligence;
resuming dollar-based transactions, including for Russian energy exports;
collaboration in raw materials such as lithium, copper, nickel, and platinum;
promoting fossil fuels alongside greener alternatives.
Bloomberg notes that returning to dollar-based transactions would mark a “radical shift” in Kremlin policy and could impact the global financial system.
However, Western officials consider it unlikely that Vladimir Putin would agree to a deal with the U.S. if it conflicts with China’s interests. Moscow and Washington are currently discussing potential economic agreements as part of a future peace deal on Ukraine.
According to The Bell, by September 2025, the ruble accounted for 57.4% of Russia’s exports, while 99% of trade with China is conducted in rubles and yuan.
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