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Russia’s use of cryptocurrencies for oil trade is the latest move by nations seeking to bypass ... [+] USD-based global payment systems.
For decades, economic interdependence was seen as the foundation of global stability and peace. The idea was simple: nations that rely on each other for trade and finance are less likely to go to war. This doctrine shaped the post-war global economy, where deep financial and trade linkages were viewed not just as a matter of efficiency but as a safeguard for peace.
That worldview is changing. In today’s multipolar reality, nations are realizing that interdependence is not always so great—it can be a vulnerability and even a national security risk.
Oil For Bitcoin and Ether
For decades, the U.S. leveraged SWIFT, correspondent banking networks, and dollar liquidity to enforce foreign policy. Sanctions, and financial restrictions became tools of influence. But this dominance has backfired, forcing other nations to develop alternative systems.
Russia is now using Bitcoin and Ether to settle oil trades. BRICS nations are building alternative payment rails. China’s CIPS system is bypassing SWIFT, and major energy producers are moving away from the dollar in favor of local currencies and digital assets. Major energy producers, including the UAE and India, are shifting away from the dollar in favor of local currencies and crypto.
Weaker U.S. Payment Dominance
“The dollar-based monetary order is already being challenged in multiple ways,” notes Zoltan Pozsar, emphasizing how U.S. policies are pushing countries to create independent payment networks.
Even traditional U.S. allies are reconsidering their dependence. Germany’s Friedrich Merz recently stated the need to “step by step” achieve financial independence from the U.S.. Meanwhile, Eurogroup President Paschal Donohoe has promoted a digital euro as Europe’s “clear path” to reducing dollar reliance.
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