Russian Deputy Foreign Minister Alexander Pankin stated in a TASS interview that an increasing number of nations are exploring ways to strengthen the use of currencies other than the US dollar for mutual settlements. He asserted that this shift is gaining momentum and cannot be stopped, reflecting a growing interest among trading partners to diversify their reserve and settlement currencies in the wake of global financial shifts.
The diplomat argued that the signal of the dollar’s elevated risk profile became clear after Russia faced restrictions that curtailed its ability to divest dollar assets. This experience, he noted, has prompted a reassessment of currency dependencies in international trade and finance, with many countries weighing alternatives that could reduce exposure to single-currency dynamics.
Pankin highlighted that the changing landscape is prompting more BRICS members and other partners to consider broadening the role of non-dollar currencies in bilateral agreements. He emphasized that this trend is not merely a temporary response but a fundamental recalibration of how nations conduct economic cooperation and settlement arrangements on a global scale.
In describing the broader pattern, the deputy foreign minister pointed to a logic shared by many state actors: diversification can strengthen financial resilience and reduce vulnerability to external shocks. He observed that leading economies, central banks, and financial ministers are increasingly open to evaluating baskets of currencies, digital assets, or local settlement arrangements that could complement traditional dollar usage in cross-border trade.
Earlier analyses from Swiss lender Credit Suisse in a study titled the Future of the Monetary System suggested a shift in central bank behavior, indicating that the dollar’s dominance could wane as policy frameworks evolve and as countries seek greater monetary autonomy. The report underscored the potential for a more multipolar monetary order steadying global markets through diversified reserve practices and diversified settlement channels, influencing long-term strategic planning by governments and financial authorities.