Putin Declares US Dollar’s Role Diminished in Russia-China Trade

Russian President Vladimir Putin has underscored the declining role of the US dollar in global trade, particularly in transactions between Russia and China. Speaking to Xinhua News, Putin revealed that over 90% of bilateral trade is now settled in yuan and rubles, reducing the dollar to a "statistical discrepancy." This shift accelerated after the 2022 Ukraine conflict, with energy trade exceeding $100 billion annually.

The MOVE reflects a broader trend among developing nations to bypass dollar-dominated systems. "The more pressure Washington applies, the tighter these alliances become," Putin observed during his recent meeting with Chinese President Xi Jinping. India's Narendra Modi also participated in discussions aimed at countering US trade policies.

While no cryptocurrencies were directly mentioned, the de-dollarization trend could benefit decentralized assets like BTC and ETH as nations seek alternative settlement mechanisms. Major exchanges like Binance and Coinbase continue facilitating crypto-fiat gateways that may absorb some redirected capital flows.