Russia is considering a return to US dollar settlements by 2026. According to a memo reviewed, the proposal would reopen trade with the Trump administration in energy and critical minerals.
The deal would cover fossil fuels, natural gas, offshore oil, and key raw minerals. Trade would resume after four years of restrictions following removal from SWIFT (Ed. note: Russia was removed from SWIFT in 2022).
The move would mark a major policy reversal from prior de-dollarization efforts led by the Putin administration. It could also signal a shift in broader BRICS currency dynamics.
The White House is reportedly weighing gradual sanction relief tied to the agreement. Almost all BRICS members are pursuing new US trade pacts after earlier tariff negotiations.
A pact could reduce Russia‘s use of the Chinese yuan for bilateral settlements. They already settle about 90% of deals in the yuan, with the rest in rubles and dirhams.
