Dedollarization as a Direction of Russia’s Financial Policy in Current Conditions

Xu Wenhong ()
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Xu Wenhong: Institute for Russian, Eastern European and Central Asian Studies, Chinese Academy of Social Sciences

Studies on Russian Economic Development, 2023, vol. 34, issue 1, 9-18

Abstract: Abstract— Under financial sanctions imposed on it by the US and the EU, Russia accelerated dedollarization of the economy in order to protect its sovereignty in strategic rivalry with the US. To this end, a set of strategies has been developed, such as reducing the direct use of US dollars, cutting the share of the dollar in foreign exchange reserves, expanding nondollar funding, increasing gold reserves, as well as reserving and creating its own systems of payment and exchange of financial information. This practice is of great importance for reorganizing the dollar-dominated international monetary system and establishing a new economic and financial system.

Keywords: US–Russian relations; financial sanctions; dollarization; dedollarization; offshore economy (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1134/S1075700723010185

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