De-Dollarization: Russia and Kazakhstan Settle 80% of Trade in Local Currencies

The global de-dollarization trend is gaining momentum as countries increasingly opt to settle trade in local currencies rather than the US dollar. In a significant development, Russia and Kazakhstan have mutually agreed to conduct 80% of their trade transactions in their national currencies, effectively sidelining the US dollar. This move not only strengthens bilateral ties between the two neighboring nations but also poses a potential challenge to the dominance of the US dollar in global trade. The shift could have far-reaching implications for the US economy, particularly if the de-dollarization trend continues to grow. A reduced demand for the US dollar could lead to inflationary pressures, driving up the cost of essential goods and services in the United States.