Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks


FILE PHOTO. Russian President Vladimir Putin and Chinese President Xi Jinping prepare for family photo session at the G20 leaders summit in Osaka, Japan, June 28, 2019. © REUTERS/Kim Kyung-Hoon/Pool

Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks


Lavrov called the rejection of the greenback “an objective response to the unpredictability of US economic policy and the outright abuse by Washington of the dollar’s status as a world reserve currency.”

Movement away from the dollar can also be seen in Russia’s trade with other parts of the world, such as the European Union. Since 2016, trade between Moscow and the bloc has been mainly in Euros, with its current share sitting at 46 percent.