Russia-Belarus Trade Nears Full De-Dollarization with 98.8% Shift to National Currencies

Russia and Belarus have accelerated their de-dollarization efforts, with bilateral trade now conducted in national currencies for 98.8% of transactions. This marks the most significant ruble-dominated shift to date, signaling a broader MOVE away from the U.S. dollar in international commerce.

The transition, revealed at the St. Petersburg International Economic Forum, comes as trade volume between the two nations surged from $35 billion to $51 billion over five years. Deputy Prime Minister Alexei Overchuk attributed the growth to strategic policy optimizations, with Q1 2025 already showing a 3% increase.

This rapid currency realignment exceeds earlier projections and establishes a working model for dollar elimination in bilateral trade agreements. The development coincides with growing global interest in alternative settlement mechanisms, including cryptocurrency-based solutions.