Kremlin Memo Proposes Russia Resume Dollar Use With US

Moscow - An internal Kremlin document has outlined proposals for Russia to resume using the US dollar in international settlements as part of a broad economic partnership with the United States, potentially tied to a peace agreement ending the war in Ukraine.

The high-level memo, drafted this year and circulated among senior Russian officials, identifies seven areas of potential alignment between Moscow and Washington. These include joint investments in natural gas, offshore oil drilling, and critical raw materials, as well as collaboration on nuclear energy and artificial intelligence-linked projects. The plan envisions preferential access for American companies to reenter Russian markets, including compensation for losses incurred when Western firms exited operations after the 2022 invasion of Ukraine. It also promotes fossil fuel development over low-carbon alternatives, aiming to bolster traditional energy sectors amid global transitions.

At the core of the proposals is Russia's return to dollar-based transactions, a sharp departure from Moscow's decade-long push to reduce dependence on the US currency. That effort accelerated following Western sanctions imposed after...