An internal document from Vladimir Putin's government revealed that Russia could once again use the dollar as part of a possible broad economic treaty with Donald Trump's administration, in the context of a potential agreement that would put an end to the war in Ukraine.
The memorandum, drafted this year and distributed among senior Russian officials, sets out seven areas in which Moscow believes Russia's and the United States' economic interests could converge after a peace agreement.
This plan, at the same time, represents a major setback for BRICS and its failed efforts to try to achieve "de-dollarization" in international trade.
The content offers an unprecedented insight into the Kremlin's approach at a time when economic understandings appear as a central component of any future negotiation on Ukraine.
Donald Trump junto a Vladimir Putin.
At the center of the proposal is Russia's return to the dollar system, a decision that would entail a significant shift from the policy adopted by President Vladimir Putin in recent years.
Even before the invasion of Ukraine in 2022, Moscow had actively promoted the reduction of its dependence on the U.S. currency, partly in response to Washington's financial hegemony and, subsequently, to the sanctions imposed by the United States and its allies.
After the start of the war, restrictions on dollar transactions affected broad sectors of the Russian economy, which led the Kremlin to promote trade in alternative currencies and to deepen financial ties with China, India, and other countries. In that context, the possibility of resuming operations in dollars represents a significant change in direction.
According to the document, adopting the dollar again would allow Russia to expand its foreign exchange market and reduce the volatility of its balance of payments. For the United States, the memorandum argues, this measure would strengthen the dollar's role as a global reserve currency and could help reduce trade imbalances by equalizing energy costs between China and the United States.
Donald Trump y Vladimir Putin.
The points of the Russian memorandum
The memorandum also details seven specific areas of potential cooperation:
1 - Long-term aviation contracts to modernize Russia's aircraft fleet, in addition to the possible participation of the United States in Russian manufacturing. 2 - Joint oil and LNG ventures, including offshore and hard-to-recover reserves, that take into account previous U.S. investments and allow U.S. companies to recover past losses. 3 - Preferential conditions for U.S. companies to return to the Russian consumer market.
4 - Cooperation on nuclear energy, including artificial intelligence initiatives. 5 - Russia's return to the dollar settlement system, possibly even for Russian energy transactions. 6 - Cooperation on raw materials such as lithium, copper, nickel, and platinum. 7 - Working together to promote fossil fuels as an alternative to climate-friendly ideology and low-emission solutions that favor China and Europe.
The United States spoke some time ago about the possibility of gradually lifting sanctions as part of a potential peace agreement, which would constitute a necessary preliminary step for Russia to be able to operate fully in dollars again.
