Dedollarization as a Direction of Russia's Financial Policy in Current Conditions

Area of Science:

• Economics
• International Relations
• Political Science

Background:

• Russia faced financial sanctions from the US and EU.
• These sanctions prompted a strategic need for economic sovereignty.
• The global economic system is largely dominated by the US dollar.

Purpose of the Study:

• To analyze Russia's dedollarization strategies.
• To understand the implications for the international monetary system.
• To examine the impact on strategic rivalry with the US.

Main Methods:

• Analysis of economic and financial policies.
• Review of strategies for reducing US dollar dependency.
• Examination of the development of alternative financial systems.

Main Results:

• Russia implemented strategies to reduce direct US dollar usage.
• The share of the dollar in foreign exchange reserves was decreased.
• Nondollar funding, gold reserves, and independent payment systems were expanded.
• Russia developed its own financial information exchange systems.

Conclusions:

• Dedollarization is a key strategy for Russia to protect its sovereignty.
• These practices have significant implications for the dollar-dominated international monetary system.
• Russia's actions contribute to the establishment of a new global economic and financial order.