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Russia and Belarus Complete Stunning 98.8% Shift to National Currencies in Trade The global trend toward de-dollarization has been gaining momentum as countries seek to reduce reliance on the U.S. dollar in international trade. Reflecting this broader movement, Deputy Prime Minister of the Russian Federation Alexei Overchuk revealed on June 19 at the St. Petersburg International Economic Forum (SPIEF) that Russia and Belarus have nearly completed their transition to using national currencies for mutual transactions. Overchuk stated: We are increasing the share of mutual payments in national currencies. According to our data, it totaled 98.8% in the first quarter of 2025. In other words, it can be said that we have completely shifted to mutual payments in national currencies. The Russian official also highlighted the significant expansion of bilateral trade between Russia and Belarus. During a roundtable discussion at the SPIEF, he stated: “Our countries are showing strong growth in mutual trade. Over the past five years, we have increased our trade turnover from $35 billion to nearly $51 billion. According to our data, in the first quarter of 2025 we also recorded a 3% increase compared to the previous year. For Belarus, Russia is the main trading partner, and this relationship is a special one.” While some analysts argue that this de-dollarization strategy could insulate both countries from external financial disruptions and provide greater monetary sovereignty, others caution that it may limit their access to global financial markets and complicate international trade outside their immediate partnership. Proponents of the policy highlight its potential to strengthen economic ties between Russia and Belarus, fostering deeper integration and financial independence within the Eurasian region. Beyond Russia and Belarus, countries within blocs like BRICS, the Shanghai Cooperation Organization (SCO), and ASEAN are increasingly settling trade in local currencies to reduce dependence on the U.S. dollar. Dollar reliance exposes nations to sanctions, exchange rate volatility, and U.S. monetary policy shifts. China pushes yuan-based trade, while India, Malaysia, Turkey, Argentina, and Zimbabwe expand bilateral currency agreements. This shift reflects a broader drive for monetary sovereignty and financial resilience amid geopolitical uncertainties.
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Alexandr Wang—a 28-year-old tech prodigy and founder of Scale AI—to lead its ambitious new artificial intelligence research lab focused on "superintelligence," according to The New York Times. Wang, who dropped out of MIT to start Scale AI at just 19, is already one of the most influential figures in AI and became the world’s youngest self-made billionaire at age 24. Meta is also in advanced talks to invest as much as $15 billion in Scale AI, a move that would not only deepen its partnership with Wang’s company but also bring over key Scale AI employees to Meta. This new lab is part of a major reorganization of Meta’s AI strategy as CEO Mark Zuckerberg seeks to catch up with rivals like OpenAI and Google, recruiting top researchers with lucrative offers and aiming to build AI systems that could surpass human intelligence.
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