Overview

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A fifth of global oil trade this year was settled in currencies different from the U.S. dollar as countries such as Russia and China move away from the petrodollar. TEHRAN (Tasnim) - Russia will increase its dependency on national currencies to settle payments for its energy resources, moving away from the US dollar 11 de sept. de 2025 Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin's attempts to stop using the U.S. dollar for trade. Commodities The project faces numerous hurdles, as the dollar continues to be the leading global reserve currency, dominating much of the trade in key commodities like oil and gold. After being re-elected as President, Putin urged the Middle East to stop accepting the US dollar as payments for oil. His comments indicate a tit-for-tat outcome to America’s foreign policy that 26 de sept. de 2025 Russia’s third-biggest oil producer, ‘Gazprom Neft‘ announced that the company has completely stopped accepting the US dollar as payment. The oil exporter has Faced with U.S. sanctions and other restrictions, Russia and Iran in particular have stepped up oil sales in alternative currencies, and have found buyers in China, India and

Russia Calls on Oil Producing Countries to Ditch US Dollar Currency

Is the reign of the petrodollar coming to an end? Russia is actively urging oil producing nations to move away from the US dollar in international trade, seeking to establish alternative currency settlements for its energy resources. This push comes amidst growing global efforts to diversify away from the dollar and reduce reliance on the U.S. financial system.

After being re-elected as President, Putin urged the Middle East to stop accepting the US dollar as payments for oil. His comments indicate a tit-for-tat outcome to America’s foreign policy that 26 de sept. de 2025.

The Rise of Alternative Currencies in Oil Trade

Several factors are driving this shift. Faced with U.S. sanctions and other restrictions, Russia and Iran in particular have stepped up oil sales in alternative currencies, and have found buyers in China, India and other nations eager to bypass the traditional dollar-dominated system. A fifth of global oil trade this year was settled in currencies different from the U.S. dollar as countries such as Russia and China move away from the petrodollar. TEHRAN (Tasnim) - Russia will increase its dependency on national currencies to settle payments for its energy resources, moving away from the US dollar 11 de sept. de 2025.

Challenges and Obstacles

While the momentum is building, abandoning the US dollar entirely presents significant challenges. Commodities The project faces numerous hurdles, as the dollar continues to be the leading global reserve currency, dominating much of the trade in key commodities like oil and gold. Despite these obstacles, Russia continues to explore alternatives, highlighting the strategic importance of de-dollarization for its economy.

Russia's Progress in De-Dollarization

Russia has already made strides in reducing its dollar dependency. Russia’s third-biggest oil producer, ‘Gazprom Neft‘ announced that the company has completely stopped accepting the US dollar as payment. This move reflects a broader strategy to insulate the Russian economy from US financial leverage. However, some challenges remain. Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin's attempts to stop using the U.S. dollar for trade.

Implications for the Global Economy

The growing trend of de-dollarization in the oil market could have far-reaching consequences for the global economy. A decline in the dollar's dominance could weaken the United States' economic influence and reshape international trade dynamics. The long-term impact of this shift remains to be seen, but it is undoubtedly a development worth watching closely. The oil exporter has.

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