February 12, 2026

Bloomberg: Russia Considers Returning to Dollar Settlement System

The Kremlin has prepared a memorandum based on Russia's return to the international dollar settlement system after a peace agreement with Ukraine. This was reported by Bloomberg, citing the document. According to the agency, the memorandum was drafted this year and circulated among high-ranking Russian officials. It lists seven points where, in the Kremlin's opinion, Russia's and the US's economic interests might align: long-term contracts for modernizing Russia's aircraft fleet, and potential US involvement in Russian aircraft manufacturing; joint oil and gas projects, including exploration in offshore and hard-to-reach fields; preferential terms for the return of American companies to the Russian consumer market; cooperation in nuclear energy, including projects using artificial intelligence; Russia's return to the dollar settlement system, possibly for transactions involving Russian energy resources; cooperation in raw materials such as lithium, copper, nickel, and platinum; joint efforts to promote fossil fuels in the fight against greener alternatives. Moscow and Washington are currently discussing potential economic agreements between the countries, planned to be concluded as part of a future agreement to end the war between Russia and Ukraine, Bloomberg noted. The agency pointed out that Russia's return to dollar settlements would signify a 'fundamental reversal in the Kremlin's policy' and possibly 'radical changes in the global financial system'. According to Western officials familiar with the memorandum, who spoke to Bloomberg anonymously, it is highly unlikely that Vladimir Putin would enter into an agreement with the US that contradicts China's interests. Kremlin representative Dmitry Peskov did not respond to the agency's request. The ruble's share in Russian exports rose to 57.4% by September 2025, with 99% of trade with China conducted in yuan and rubles, The Bell publication noted.