Abandoning de-dollarization? Russia reportedly considers "returning to the US dollar settlement system" in exchange for economic cooperation with the US and peace between Russia and Ukraine

A Kremlin internal memo has been leaked: Russia is considering reversing its years-long de-dollarization policy and is willing to re-enter the U.S. dollar settlement system in exchange for economic cooperation with the Trump administration and an opportunity for peace in Ukraine. Could this signal a major shift in the geopolitical and global financial landscape?
(Background summary: Trump announced tariffs on India “cut to 18%”! India agrees to stop purchasing Russian oil and to buy $500 billion worth of American goods)
(Additional context: The U.S. has sent nuclear submarines threatening Russia! Trump: Medvedev’s remarks are provocative; I just want to stop the Russia-Ukraine war)

Table of Contents

• Core proposal details
• Background and motivation analysis
• International reactions and concerns

According to Walter Bloomberg, a Kremlin memo reveals that Russia is considering rejoining the dollar system as part of a broader economic partnership with a potential Trump administration, Bloomberg reports.
The document suggests cooperation on fossil fuels…
— *Walter Bloomberg (@DeItaone) February 12, 2026

Core Proposal Details

The memo lists multiple areas of cooperation, including fossil fuels, natural gas, offshore oil drilling, critical mineral raw materials (such as lithium, copper, nickel, platinum), and opportunities for U.S. companies to re-enter the Russian market and recover past losses. The document emphasizes that these collaborations could include long-term airline contracts, joint energy development, nuclear energy (even involving AI applications), and joint promotion of fossil fuels to counter Europe and China-led low-carbon transition agendas.

The most notable aspect is Russia’s willingness to re-enter the dollar settlement system, potentially extending to energy transactions. This implies Russia may abandon recent efforts to settle transactions in yuan or other non-dollar currencies with countries like China and re-integrate into the dollar-dominated global financial network.

Background and Motivation Analysis

Since the Russia-Ukraine war, Western sanctions have been severe, including expelling some Russian banks from SWIFT and freezing central bank assets, forcing Russia to accelerate de-dollarization and shift toward yuan, ruble, or other alternatives.

Now, with Trump’s second term in office, Russia appears to see an opportunity to repair economic relations with the U.S… The proposal links economic cooperation with a peace deal in Ukraine, indicating Moscow hopes to gain sanctions relief, market access, and a more stable energy export environment through concessions. Analysts suggest this may be a pragmatic strategy for Russia to seek balance amid long-term economic pressures and China’s expanding influence.

International Reactions and Concerns

However, Western officials remain cautious. Many doubt whether President Vladimir Putin is truly willing to make decisions that could harm China-Russia relations, as China is currently Russia’s largest trading partner and a key driver of the alternative currency system. Additionally, there is no evidence that these proposals have been formally submitted to the U.S. government; it is believed they remain at the internal discussion stage.

Market observers are concerned that if Russia actually re-enters the dollar system, it could alleviate some global energy price volatility but would also further entrench dollar dominance and challenge the internationalization of the yuan.