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The trend, known as “de-dollarization”, has gained momentum following the sanctions imposed by the United States on Russia in 2022. The adoption of this stance by several countries has the potential to alter the global economic balance.
The nations of the Commonwealth of Independent States (CIS) have decided to abandon the use of the U.S. dollar in commercial transactions, which has ceased to be the main currency for international operations in 11 countries.
This decision seeks to reframe the value of their own currencies, reduce dependence on the dollar, and improve competitiveness in the foreign exchange markets.
11 countries already banned the use of the dollar: here is the full list
Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, member countries of the Commonwealth of Independent States (CIS), have begun a process aimed at reducing dependence on the dollar in their cross-border transactions.
With 85% of cross-border operations already carried out in local currency, CIS leaders have indicated that this initiative strengthens the economic sovereignty of their nations and generates new fiscal opportunities.
The goals of reducing dependence on the dollar in large-scale financial transactions:
- Avoid the adverse effects of international sanctions.
- Strengthen their local currencies in the foreign exchange market.
- Diversify their reserves with assets such as gold.
De-dollarization can unbalance global trade
De-dollarization represents a significant shift in the international financial system. By reducing dependence on U.S. currency, CIS countries could:
This process can also bring negative consequences for the dollar. If demand for the currency in international operations declines, its value could be affected, leading to a loss of its status as the dominant reserve currency on the global stage.