Russia Inks $13.1 Billion in Local Currency Deals Amid Push for Multipolar Financial System

Russia has secured trade agreements worth 1 trillion rubles ($13.1 billion) at the St. Petersburg International Economic Forum (SPIEF), marking the second consecutive deal of this magnitude. Governor Alexander Beglov announced the agreements, which span over 40 investment contracts and 67 trade policies, with a focus on science and technology projects funded through 2030.

The 'Buy Russian!' national brand took center stage at SPIEF, underscoring Moscow's strategy to shift global trade away from dollar dominance. A notable deal with China will see spectrometer production using femtosecond lasers, with settlements exclusively in yuan and rubles. This aligns with Russia's broader ambition to establish a multipolar financial framework where local currencies replace traditional reserve assets.

Despite U.S. sanctions, the Putin administration continues to expand its financial footprint through bilateral agreements that circumvent Western payment systems. The MOVE signals growing institutional acceptance of alternative settlement mechanisms in international trade.