Russia Memo Seeks Dollar System Return In Pitch To Trump

A confidential Kremlin memo has surfaced outlining a dramatic proposal that could see Russia return to the U.S. dollar-based financial system as part of a broader economic partnership with the administration of U.S. President Donald Trump. The internal document, reviewed by Bloomberg and circulating among senior Russian officials, suggests that economic cooperation with Washington — including enhanced dollar use — is being contemplated as a central pillar of any future peace settlement for the war in Ukraine.

At the heart of the memo is a reversal of long-standing Kremlin policy, which had focused on reducing dependence on the dollar following sanctions imposed after Russia’s full-scale invasion of Ukraine in 2022. Instead, the document sees Russia resuming dollar settlement systems, potentially even for energy transactions — a shift that would mark a significant pivot from recent de-dollarisation efforts and could reverberate across the global financial order.

The proposal outlines seven areas where Moscow believes its economic interests could align with those of the United States if broader sanctions relief and peace negotiations advance. Alongside dollar reintegration, these include joint ventures in natural gas, offshore oil exploration, strategic raw materials and preferential conditions for U.S. companies seeking access to the Russian market. The emphasis on fossil fuel cooperation — described in the memo as a challenge to “climate-friendly” policies favoured by Europe and China — may also reflect tactical positioning aimed at appealing to Trump’s economic priorities.

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For Russia, a return to dollar transactions would entail relinquishing part of its recently reinforced currency independence built through trade in national currencies with partners like China and India. Since sanctions constrained Moscow’s access to international systems like SWIFT, the Kremlin had steered bilateral trade increasingly into non-dollar currencies as part of a broader effort to insulate its economy from Western financial control.

Analysts say that, from the U.S. perspective, Moscow’s dollar-centric proposal could bolster the greenback’s global dominance and reshape market dynamics in energy and commodities. A renewed dollar settlement role for Russia would strengthen international demand for U.S. currency and might ease global trade imbalances — but it would depend heavily on sanctions relief and broader geopolitical developments.

Despite the memo’s circulation among Russian officials, external observers caution that high-level discussion of such a plan does not guarantee it will be pursued. Key hurdles remain, including geopolitical considerations with China and Europe, internal economic policy preferences in Moscow, and the complex pathway from preliminary proposals to formal agreements in U.S.–Russia relations amid ongoing conflict dynamics.

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