Russia is accelerating its campaign to reduce reliance on the U.S. dollar in international trade, spearheading a broader global shift toward the use of national currencies and bolstering economic sovereignty. At the Seventh Moscow Academic Economic Forum on June 2, Russian Foreign Minister Sergey Lavrov emphasized the urgency of establishing independent mechanisms for foreign trade to reinforce Russia’s economic autonomy.
"The priorities now include further strengthening Russia’s economic and technological sovereignty, particularly through the development of trade settlement systems immune to external pressure and the transition to using national currencies in international transactions," Lavrov stated, according to Russian news agency Tass.
He argued that the current geopolitical climate—marked by mounting sanctions and what he described as persistent Western efforts to hinder Russia’s progress—demands decisive action to construct a resilient, self-sufficient economic framework. Lavrov called for coordinated participation across government institutions, the business community, academic circles, and civil society to help drive this transformation. He framed the goal as the creation of a more equitable, multipolar economic order in contrast to the Western-dominated system.
Lavrov’s remarks align with a growing global movement to explore alternatives to the dollar for cross-border payments. Nations and economic alliances such as BRICS, the Shanghai Cooperation Organization, and ASEAN are advancing initiatives to reduce dependence on centralized financial systems. Within Russia, this shift includes increasing interest in decentralized technologies like blockchain and digital assets. Proponents argue that tools such as Bitcoin could help facilitate transactions beyond traditional financial networks, advancing the goals of de-dollarization and economic independence.
