Putin: Trade in National Currencies Weakens US Dollar’s ‘Hegemony’

Vladimir Putin has explicitly stated that Russia and China’s near-total use of the ruble and yuan in bilateral trade is a direct strike against the “hegemony of the US dollar.” This comment, made before the SCO Summit, frames their economic policy as a deliberate geopolitical strategy.
The Russian leader highlighted that this practice was a major concern for past US administrations, indicating that Moscow and Beijing are well aware of the strategic implications. By creating a closed-loop system for their massive and growing trade, they are reducing the global demand for and reliance on the American currency.
This move is presented as a cornerstone of their push for a “fairer, multipolar world.” Economic sovereignty is seen as a prerequisite for true political independence, and breaking free from the dollar system is a critical step in achieving that goal for many nations.
As the SCO and BRICS nations look to increase their global influence, the Russia-China model of de-dollarization is likely to be promoted as a viable path forward. Putin’s statement makes it clear that this is not just a technical matter of currency exchange, but a fundamental challenge to the existing global power structure.