Russia Strengthens Currency Settlements Amid Dollar Decline

Russia is focusing on increasing the use of its national currency for international transactions, especially in light of the diminishing role of the US dollar, according to Maxim Petrov, Russia’s trade representative in Nigeria.

This move comes as the US engages in a tariff war that aims to reshape global economic dynamics.

In collaboration with African nations, Moscow is prioritizing the development of logistics and processing infrastructure. Petrov highlighted that projects overseen by the Russian trade mission in Nigeria exceed $1.5 billion, showcasing the effectiveness of these initiatives in fostering bilateral trade.

“The tariff war initiated by the US reflects a trend of dividing the world into distinct monetary and economic regions,” Petrov stated. He noted that while American financial and industrial interests may attempt to counter this shift through pressure tactics, they will ultimately be unable to halt the dollar’s decline as the predominant global reserve currency.

US tariffs are set to go into effect on April 9, 2025.

Below are the list of 172 countries of affected the US tariffs.

China: 104% ,Lesotho: 50% ,Cambodia: 49% ,Laos: 48% ,Madagascar: 47% ,Vietnam: 46% ,Myanmar: 44% ,Sri Lanka: 44% ,Falkland Islands: 41% ,Syria: 41% ,Mauritius: 40% ,Iraq: 39% ,Guyana: 38% ,Bangladesh: 37% , Botswana: 37% ,Liechtenstein: 37% Serbia: 37% Thailand: 36% ,Bosnia and Herzegovina: 35% , North Macedonia: 33% Angola: 32% Fiji: 32% ,Indonesia: 32,Taiwan: 32%

Libya: 31% ,Moldova: 31% ,Switzerland: 31% ,Algeria: 30% ,Nauru: 30% ,South Africa: 30% ,Pakistan: 29% ,Tunisia: 28%

Kazakhstan: 27% ,India: 26% ,South Korea: 25% ,Brunei: 24% ,Japan: 24% ,Malaysia: 24% ,Vanuatu: 22% ,Côte d’Ivoire: 21%

Namibia: 21% ,European Union: 20% ,Jordan: 20% ,Nicaragua: 18% ,Zimbabwe: 18% ,Israel: 17% ,Malawi: 17% ,Philippines: 17%

Zambia: 17% ,Mozambique: 16% ,Norway: 15% ,Venezuela: 15% ,Nigeria: 14% ,Chad: 13% ,Equatorial Guinea: 13% ,Cameroon: 11%

Democratic Republic of the Congo: 11% ,Afghanistan: 10% ,Albania: 10% ,Andorra: 10%

Anguilla: 10% ,Antigua and Barbuda: 10% ,Argentina: 10% ,Armenia: 10%,Aruba: 10% Australia: 10% Azerbaijan: 10% Bahamas: 10%

Bahrain: 10% ,Barbados: 10% ,Belize: 10% ,Benin: 10% ,Bermuda: 10% ,Bhutan: 10% ,Bolivia: 10% ,Brazil: 10% ,British Indian Ocean Territory: 10% ,British Virgin Islands: 10% Burundi: 10% Cabo Verde: 10% Central African Republic: 10% Cayman Islands: 10%

Chile: 10% Christmas Island: 10% Cocos (Keeling) Islands: 10% Colombia: 10% Comoros: 10% Eswatini: 10% and many more.