... domestic currency or utilizing national currencies for transactions would allow them to avoid the impact of sanctions and reduce dependence on Western financial institutions. Russia and China are already actively promoting transactions in rubles and yuan, reducing the dollar's share in their mutual transactions. Commentary by Sergey Tereshkin, Founder of Open Oil Market Sergey Tereshkin, Founder of Open Oil Market : “Vladimir Putin’s statements regarding the dollar and the BRICS currency highlight ...

... General Administration of Customs. Supply volumes grew 2.2 times from $43 billion in 2019 to $95 billion in 2023. Moscow and Beijing are also actively transitioning to settlements in national currencies, with the share of transactions in rubles and yuan exceeding 90% last year. Russian gas exports to China, including liquefied natural gas (LNG), reached a historic high of 34 billion cubic meters in 2023. In February 2024, Gazprom surpassed Turkmenistan, the long-time leader in pipeline gas supplies ...

... debt obligations, which, in turn, pushes investors to look for alternative assets. This can lead to a weakening of the dollar, affecting commodity and financial markets, and also contribute to the growth of other currencies, such as the euro and the yuan. 2. Inflation Risks Additional stimulus and support measures financed by borrowing can create inflationary pressure in the economy. Growing government debt and additional financing at high rates increase inflation expectations. If inflation rises,...

... rise) and ongoing geopolitical risks that heighten interest in savings in hard currencies. On the other hand, support for the national currency continues to come from still high oil prices, foreign currency sales by the Ministry of Finance (including yuan from reserves under the budget rule), as well as a high key interest rate from the Central Bank of Russia. The recent reduction of the key rate by the Central Bank to 18% per annum has slightly eased financing conditions; however, the level remains ...

... government initiatives is stimulating the influx of crypto startups. Meanwhile, mainland China, while maintaining a ban on crypto trading, is focusing on developing its own blockchain solutions and expanding the use of its state digital currency (digital yuan). Middle East: Several countries in the Middle East are actively promoting cryptocurrency initiatives. The United Arab Emirates is creating favorable conditions for the industry: Dubai has a dedicated regulator (VARA) and a licensing system for crypto ...