Russia explores barter and ruble settlements to reduce dollar reliance in global trade
Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov outlined a potential shift away from the U.S. dollar in international commerce. He described a clearing mechanism that could operate in national currencies and even be settled by physical weight, aiming to streamline trade without dollar usage. The remark came during discussions at the Innofood forum, where Manturov also floated barter programs as a policy option.
In his remarks, Manturov explained a barter approach by example. If one partner lacks fertilizer while another has it, the exchange could involve supplying fertilizer in return for cocoa, with settlements conducted in local currencies or physical weight rather than dollars. Manturov spoke directly to Renate Miranda, Vice President of Brazil’s Ministry of Agriculture, highlighting the potential for mutual benefit through barter and currency alternatives.
Earlier, Anton Siluanov, head of Russia’s Ministry of Finance, indicated in July 2022 that a full move to barter in foreign trade was not on the agenda. He stressed that if companies reach bilateral barter agreements, government interference would be minimal. The ministry also signaled a broader plan to shift as many foreign trade settlements as possible to the ruble, reinforcing a trend toward currency diversification in international transactions.
Additionally, remarks from representatives in China have suggested a waning role for the dollar in the global market, aligning with a broader push among several economies to reduce dependence on the greenback and explore alternative settlement methods and currencies.
These discussions reflect ongoing efforts to diversify payment mechanisms in international commerce. By considering barter arrangements and ruble-based settlements, Russian officials and their international partners are examining practical ways to facilitate trade while reducing exposure to dollar fluctuations. The emphasis is on creating viable, mutually beneficial exchange frameworks that can operate outside the traditional dollar-centric system, potentially reshaping cross-border trade dynamics in the years ahead.