CIS Ditches USD: 99% of Payments Now Settled in Local Currencies

The Commonwealth of Independent States (CIS) just dealt another blow to dollar dominance—99% of cross-border payments now bypass the greenback entirely.

Local currencies take the crown

No more waiting for USD conversions or swallowing forex fees. The bloc's new payment infrastructure slashes settlement times while giving middle fingers to SWIFT delays.

De-dollarization accelerates

Another brick falls from the dollar's crumbling fortress as emerging markets rewrite the rules. (Take notes, IMF—your 'stable' reserve currency looks shakier by the day.)

CIS Payments Getting Settled in Local Currencies, USD Being Sidelined

The two CIS countries that paid 98.9% of cross-border transactions in local currencies and not the USD are Russia and Belarus. The member nations revealed that they have completely shifted to using local currencies ending reliance on the USD. The MOVE puts pressure on the greenback as emerging economies are cutting ties with the world’s leading currency.

said the Deputy Prime Minister of Russia Alexei Overchuk at the St. Petersburg International Economic Forum (SPIEF).

Both the CIS countries Russia and Belarus have been sanctioned by the WHITE House. Therefore, settling payments in local currencies and not the USD is the de facto option for the two CIS members. Even if the sanctions are lifted, settling payments in local currencies will be the new normal in global trade.

The White House has made several blunders by imposing sanctions on developing countries that has eventually led to de-dollarization. The sanctioned nations are also convincing other countries to use local currencies to being down the USD’s global supremacy. CIS countries have been looking to end dependency on the USD to bolster their local currencies and native economies.

The sanctions coincided with the de-dollarization ideology making it a potent cocktail against the USD. Not just the CIS bloc, many other global alliances are now aiming to topple the greenback and use local currencies for payments.