In a significant move that has raised eyebrows in the financial world, Russia and Belarus have decided to abandon the U.S. dollar in 98.8% of their trade transactions. This decision marks a major step towards de-dollarization and has far-reaching implications for the global financial landscape.

The shift away from the U.S. dollar in trade between Russia and Belarus is a clear indication of their efforts to reduce dependence on Western currencies and assert their economic independence. By using their national currencies, the Russian ruble and the Belarusian ruble, in nearly all of their trade dealings, the two countries are challenging the dominance of the U.S. dollar in international trade.

This move is part of a larger trend of de-dollarization that has been gaining momentum in recent years. Countries around the world are increasingly looking for ways to diversify their currency holdings and reduce their exposure to the risks associated with relying too heavily on the U.S. dollar.

The decision by Russia and Belarus to use their national currencies in trade also has significant geopolitical implications. It represents a shift away from the traditional financial systems dominated by Western powers, particularly the United States and its allies. By reducing their reliance on the U.S. dollar, Russia and Belarus are asserting their economic sovereignty and challenging the financial supremacy of the West.

The move towards de-dollarization by Russia and Belarus is likely to have ripple effects across the global economy. It could lead other countries to reconsider their own reliance on the U.S. dollar and explore alternative currency arrangements for trade. This could potentially weaken the position of the U.S. dollar as the world's primary reserve currency and lead to increased volatility in global financial markets.

The shift towards using national currencies in trade also reflects a broader trend of economic realignment that is taking place on the global stage. As geopolitical tensions continue to rise and traditional alliances are called into question, countries are looking for ways to assert their independence and safeguard their economic interests.

Overall, the decision by Russia and Belarus to abandon the U.S. dollar in the majority of their trade transactions is a bold move that is likely to have profound implications for the global economy. It represents a significant step towards de-dollarization and underscores the growing desire of countries to reduce their dependence on Western financial systems. As this trend continues to unfold, it is clear that the era of U.S. dollar dominance in international trade may be coming to an end.

Source: https://news.bitcoin.com/de-dollarization-hits-critical-mass-with-russia-belarus-near-complete-currency-transition/