Dedollarization and settlements in national currencies: Eurasian and Latin American experience

Abstract

In light of the sanction pressure on Russia, as well as a sharp deterioration in the global financial system under the conditions of the coronavirus pandemic in 2020, it is expedient to increase operations in the national currencies of the Eurasian Economic Union (EAEU). The purpose of the study is to consider the Eurasian and the Latin American experience of dedollarization and the advancement of settlements in national currencies and to propose measures for creating a comprehensive program to promote settlements in the national currencies of the EAEU countries. The article analyzes the dynamics of operations in these currencies on the FX market of the Russian Federation, estimates the integrated FX market of the EAEU countries, including the experience of developing operations with the Chinese yuan. The authors have identified the prospects of the Russian ruble as a regional currency of the EAEU.