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

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  • Xu Wenhong

    (Institute for Russian, Eastern European and Central Asian Studies, Chinese Academy of Social Sciences)

Abstract

— Under financial sanctions imposed on it by the US and the EU, Russia accelerated dedollarization of the economy in order to protect its sovereignty in strategic rivalry with the US. To this end, a set of strategies has been developed, such as reducing the direct use of US dollars, cutting the share of the dollar in foreign exchange reserves, expanding nondollar funding, increasing gold reserves, as well as reserving and creating its own systems of payment and exchange of financial information. This practice is of great importance for reorganizing the dollar-dominated international monetary system and establishing a new economic and financial system.

Suggested Citation

  • Xu Wenhong, 2023. "Dedollarization as a Direction of Russia’s Financial Policy in Current Conditions," Studies on Russian Economic Development, Springer, vol. 34(1), pages 9-18, February.
    • Handle: RePEc:spr:sorede:v:34:y:2023:i:1:d:10.1134_s1075700723010185
    DOI: 10.1134/S1075700723010185
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