The Commonwealth of Independent States (CIS) bloc, which consists of 12 countries, is advancing payments in local currencies. CIS is ending reliance on the US dollar by aggressively pushing their local currencies for all cross-border transactions. In 2024 alone, around 80% of all trade between the member nations has been settled in local currencies. As the de-dollarization agenda grows, two new countries have settled nearly $37 billion of trade in local currencies.

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The de-dollarization initiative is gaining steam as developing countries aim to topple the US dollar from the world’s reserve currency. Only 20% of payments consisted of the US dollar, signaling the greenback decline among emerging economies. Developing countries are ending dependency on the US dollar and plan to push local currencies to take the top spot.

2 Countries Settle $37 Billion Worth of Trade in Local Currencies, Sideline the US Dollar

russia belarus presidents
Source: Reuters

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CIS members Russia and Belarus trade deals surpassed the $37 billion mark in 2024, with an increase of 8.4% year-on-year. This is a piece of clear evidence that de-dollarization is catching up fast and developing countries are pushing local currencies ahead. Not just Russia and Belarus, the 12-nation member CIS has overall settled 80% of trade in local currencies this year.

The payments in local currencies stem from the sanctions pressed by the White House against Russia and Belarus. The two nations decided to trade mutually in local currencies to sustain their economy and advance the de-dollarization initiative.

“Growing trade turnover indicators are clear evidence of the efficiency of the Russian-Belorussian integration. Alexander Grigoryevich (Belarus President) already shared his expectations for this year’s numbers. This forecast, I believe, is right on the money. According to our statistics, trade grew by 8.4% from January to September, topping $37 billion. By the end of the year, it will likely approach the figures President Lukashenko projected,” said Russian President Vladimir Putin.

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  • Belarus
  • CIS
  • Commonwealth of Independent States
  • De-dollarization
  • Local Currency
  • Russia
  • US DOLLAR