Russia Examines U.S. Dollar Trade Settlement In Proposed U.S. Economic Framework

Russia is reviewing the possibility of using the U.S. dollar for trade settlement as part of a proposed economic framework with the United States, according to a 2026 internal Kremlin document reported by Bloomberg.

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The document outlines discussions on economic cooperation covering energy, natural gas, offshore oil projects, and access to critical raw materials. The review comes after Russia shifted a majority of its foreign trade to non-dollar currencies following sanctions imposed in 2022.

Background To Settlement Changes

Russia was removed from the SWIFT financial messaging system in 2022. After that, the country increased the use of national currencies in cross-border trade. Data cited by The Economic Times shows that close to 90% of Russia’s trade with China and India is currently settled in local currencies.

Within the BRICS grouping, more than 60% of trade is now conducted outside the U.S. dollar system, according to figures referenced by The Economic Times. These levels were significantly lower before 2022.

Energy And Resource Cooperation

Bloomberg reported that the internal document places energy cooperation at the centre of the proposed framework. Areas mentioned include natural gas investments, offshore oil exploration, and collaboration in critical minerals.

Russia holds large reserves of nickel, palladium, and titanium, materials widely used in aerospace, electronic,s and industrial manufacturing. The document also refers to possible participation by U.S. companies in resource development and energy infrastructure projects.

Position Of The U.S. Dollar

The U.S. dollar is still the most important currency for international trade. The Bank for International Settlements says that the dollar is used in about 88% of all foreign exchange trades around the world. Most contracts for energy around the world are still priced in dollars.

Bloomberg noted that the discussions reflect internal policy considerations and do not amount to a confirmed agreement. No timeline for any change in settlement practices has been disclosed.

BRICS Trade Context

BRICS countries account for about 35% of global GDP, according to World Bank data. Settlement practices differ across members, with some trade continuing in dollars alongside local-currency arrangements.

Reuters has reported that currency settlement trends among BRICS nations remain closely tracked by global markets because of their impact on trade flows and financial stability.

Russian authorities have not made any public announcement on changes to settlement policy, and the discussions outlined in the document remain under internal review.