Russia, China, Iran, and Saudi Arabia are Moving Away from the US Dollar

Russia, China, Iran, and Saudi Arabia are actively working to reduce the US dollar’s dominance in the international financial system.

The central banks of Russia and China are holding fewer dollar reserves, and most of their trade is being settled in Chinese yuan. This shift away from the dollar has been driven by sanctions imposed on Russia for invading Ukraine and Washington’s confrontational approach to China, prompting these countries to seek alternative currencies and payment systems and establish global dominance.