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Following Iran, Russia is also becoming interested: energy exports will be priced in RMB. Now the White House realizes that trouble is coming!
On April 6, Russia is considering announcing that all future oil and natural gas transactions with Europe will be priced in RMB. Previously, Iran took the lead in using RMB for toll fee settlements in the Strait of Hormuz and explicitly refused to accept US dollars.
The core of dollar hegemony lies in its absolute control over global energy trade. The oil dollar system has operated for decades, allowing the US to influence the global economy through financial means. However, after the Ukraine crisis in 2022, Western financial sanctions on Russia have accelerated the loosening of this system. Countries are beginning to seek alternatives to reduce dependence on the dollar and mitigate associated risks.
Russia's decision is not just talk. Since 2022, the amount of Chinese purchases of Russian bulk commodities using RMB has surged. Russia's exports of oil, coal, and some metals to China have basically achieved RMB settlement. In March 2026, RMB surpassed the US dollar for the first time to become the most widely used currency in China's cross-border transactions. This fact paves the way for Russia's new policy.
As energy trade between the Middle East and Russia begins to bypass the dollar, global demand for the dollar will decline. According to SWIFT data, RMB's share in global payments is only 2.5%, but its growth momentum is rapid. More countries may follow suit, creating a "snowball effect" that further erodes the dollar's dominant position.
Currently, Iran is collecting toll fees from ships passing through the Strait of Hormuz and allowing payments in RMB. This move marks RMB's first entry into the global core energy shipping toll system. About one-third of the world's maritime oil must pass through this route, and its strategic significance is self-evident.
Brother Dao believes that this war could likely lead to an unexpected result: shaking the hegemonic status of the dollar.
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