The Kremlin has set out proposals that could see Russia embrace the dollar again as part of a wide-ranging economic partnership with the Trump administration, according to an internal Russian document reviewed by Bloomberg.
The high-level memo, which was drafted this year, details seven points where, in the Kremlin’s view, Russian and US economic interests could converge following a deal to end the war in Ukraine. It sees the two countries working together to champion fossil fuels over greener alternatives as well as joint investments in natural gas, offshore oil and critical raw materials plus windfalls for US companies.
The proposal, which was circulated among senior Russian officials, provides previously unreported insight into Kremlin thinking and tactics at a moment when potential economic agreements between the US and Russia are being negotiated as a key plank of any future peace accord for Ukraine.
At the heart of the offer is Russia’s return to the dollar settlement system, a move which would mean a stunning reversal of Kremlin policy and, potentially, a dramatic shake up for global finance.
The US has already proposed gradually lifting sanctions on Russia as part of any peace agreement, a necessary first step for the country to start transacting in dollars again. But what the Kremlin memo considers would go far further.
Until now, finding alternatives to the dollar, rather than restoring links to the US-led system, has been a key goal for Russia as President Vladimir Putin sought to deepen his relationship with China. For that reason, western government officials familiar with the contents of the document said they think it is extremely unlikely that Putin would ultimately pursue a deal that runs counter to Beijing’s interests.
Putin’s spokesman Dmitry Peskov didn’t respond to an email seeking comment. It is unclear whether Russia has pitched any of the points contained in the document to the US.
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