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By Open Chronicle Staff | Thursday, February 12, 2026
MOSCOW / WASHINGTON – In a development that could fundamentally reshape the global financial order, an internal Kremlin memo has revealed that Russia is weighing a return to the U.S. dollar-based settlement system. The move would represent a dramatic abandonment of President Vladimir Putin’s years-long “de-dollarization” campaign and signals a potential economic pivot toward the Trump administration.
According to a high-level document reviewed by Bloomberg, Moscow is exploring the move as part of a broader proposal to align Russian and U.S. economic interests following a potential resolution to the conflict in Ukraine.
The Kremlin’s Seven-Point Proposal
The internal memo, which has circulated among senior Russian officials, outlines several key areas where the Kremlin believes it can find common ground with Washington under President Trump’s “America First” energy and trade policies. These include:
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Dollar Re-Integration: Restoring Russia’s access to U.S. dollar transactions to stabilize its FX markets and balance of payments.
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Energy Cooperation: Joint ventures in natural gas and offshore oil, prioritizing fossil fuels over green energy alternatives.
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Critical Raw Materials: Collaboration on the supply of essential minerals and metals required for modern manufacturing.
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AI and Nuclear Ventures: Potential joint investments in next-generation nuclear energy and AI-linked infrastructure.
For Moscow, a return to the dollar system would provide a much-needed lifeline for an economy that has struggled with the inefficiencies and high costs of trading in alternative currencies like the Chinese yuan and Indian rupee.
Skepticism in the West
Despite the potential for a “grand bargain,” Western officials remain deeply skeptical. A central concern is the lifting of sanctions; for Russia to return to the dollar system, the U.S. would have to restore Moscow’s access to the global financial plumbing from which it was severed following the 2022 invasion of Ukraine.
Furthermore, diplomats in Europe and Washington question whether the Kremlin is truly willing, or able, to distance itself from Beijing. China has become Russia’s most critical economic partner, providing the components and technology necessary to sustain its war economy. “A pivot back to the dollar would be a strategic slap in the face to the BRICS initiative,” noted one EU financial analyst.
Market Reaction: The “Greenback” Responds
Global markets reacted swiftly to the news. The U.S. Dollar Index (DXY) pared earlier losses, climbing back toward the 97.00 mark as traders weighed the implications of the dollar reinforcing its status as the world’s undisputed reserve currency.
Proponents of the deal argue that bringing Russia back into the dollar fold would not only stabilize global energy costs but also give the United States significant leverage over Moscow’s future financial behavior. For President Trump, such an agreement would be framed as a masterstroke of “deal-making” that prioritizes American economic dominance over traditional geopolitical containment.
As of Thursday evening, neither the White House nor the Kremlin has officially commented on the leaked memo, but the mere existence of the proposal suggests that the “iron curtain” of financial sanctions may be thinner than previously believed.