The US dollar is battling rising external forces, enemies, and foes that intend to derail and destabilize its positioning. The US dollar is now a part of the growing multipolar system, where countries have now started to initiate de-dollarization drives to suppress USD usage all while promoting the use of local currencies. In this effort, three countries have lately been pioneering this effort. Now that Trump’s stance towards tariffs has become more gruesome, will the concept of de-dollarization become a regular phenomenon? Let’s find out.

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Three Countries Reducing Their Reliance On US Dollar Sparking De-Dollarization

1. Russia

Russia Flag brics currency us dollar
Source: pics.alphacoders.com

Russia was sanctioned heavily by the United States and was ultimately banned from the SWIFT transactions system. Since the aforementioned fallout, Russia has been spearheading the local currency usage while pivoting towards exploring the Chinese Yuan as one of the core currencies as a medium of exchange. At the same time, the nation was also noted for experimenting with cryptocurrencies as a means of credible exchange, bolstering the anti-USD momentum.

The Chinese yuan accounted for 42% of all the international transactions initiated in Russia between 2023 and 2024, while the usage of USD was limited to just 39%.

Also Read: Cryptocurrency Market Drowns in Extreme Fear, Worse Than Post-FTX Levels

2. China

China
Source: Business Telegraph

China is another leading currency contender that has been vying to derail the US dollar for a while now. China has lately been trying hard to internationalize the yuan, making it one of the key competitors in the rising multipolar narrative. Being one of the key members of the BRICS alliance alongside Russia, both nations have been quite vocal about reducing their reliance on USD, all while introducing a new financial system to fight the American currency’s hegemony.

“The shift is motivated not only by the desire to bypass sanctions but also by a broader effort among BRICS countries to reduce their reliance on the US dollar and increase their economic sovereignty.”

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3. Saudi Arabia

saudi rabia flag country brics
Source: arabnews.com / ShutterStock

Saudi Arabia is the latest country to join the de-dollarization queue. The nation has adopted a multi-polar currency approach in its petrodollar agreement, enabling the sales of petrol in local currencies. This marks a symbolic change in Saudi Arabia’s stance, displaying a need to adhere to the rising diverse currency narrative.

“There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal,” Al-Jadaan said.

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  • china
  • De-dollarization
  • Russia
  • Saudi Arabia
  • US DOLLAR
  • US Economy