Russia’s move toward paying for energy with its own national currencies is increasingly linked to a broader critique of the United States’ role as the issuer of the world’s reserve currency. This perspective was voiced by Alexei Grivach, deputy director general of the National Energy Security Fund, in an interview with the online publication Lenta.ru. He framed the shift as part of a larger trend where nations are rethinking payment regimes in response to what he sees as Washington’s persistent leverage over global finance.
Grivach explained that the shift toward rubles, yuan, or other domestic currencies in energy trade arises for two reasons. First, the growing share of the Chinese economy in global commerce is steering countries to diversify their settlement currencies. Second, there is what he described as urgent pressure stemming from what he views as the United States’ systematic use of its financial position to influence international markets. He suggested that economic actors are increasingly seeking to insulate themselves from unilateral monetary policies and to build more resilient payment frameworks that do not rely on a single dominant currency.
As the deputy director of the FNEB notes, industry players must adapt by engaging with regulators at both national and cross-border levels. The aim is to create a smoother transition that protects financial stability, supports predictable trading terms, and preserves energy security while the global monetary landscape evolves. This necessitates coordinated policy dialogue, robust risk management, and clear guidelines for cross-border settlement in multiple currencies to reduce exposure to policy shocks from any single jurisdiction.
During a public briefing on April 22, Deputy Prime Minister Alexander Novak reiterated Russia’s direction toward currency diversification in energy transactions. He confirmed that the country intends to sustain and advance this trend, emphasizing that the move aligns with a broader strategy to modernize financial infrastructure and strengthen economic autonomy in international trade. In parallel coverage, the Turkish edition Haber7 highlighted a cited example of Turkey gradually shifting away from the U.S. dollar in international agreements. The report argued that this transition has influenced other nations, including France and Brazil, to examine similar paths toward greater monetary independence in their own commercial dealings. This cross-border perspective underscores a growing global interest in multi-currency settlements as a means of reducing exposure to Western-dominated financial systems and enhancing resilience in energy markets.