A newly reviewed Kremlin memo suggests Russia may be willing to reverse years of “de-dollarization” policy and re-enter the U.S.-led dollar settlement system as part of a broader economic deal tied to a potential Ukraine peace agreement.
The document, first reported by Bloomberg, outlines seven areas where Russian officials believe economic interests between Moscow and Washington could converge under President Donald Trump.
If genuine — and if pursued — the proposal would represent one of the most dramatic financial pivots since the start of the Ukraine war.
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The “Dmitriev Package”
According to Ukrainian President Volodymyr Zelenskiy, Ukrainian intelligence has referred to Moscow’s offer as the “Dmitriev Package,” after Kremlin negotiator Kirill Dmitriev, who also heads Russia’s sovereign wealth fund.
The memo reportedly proposes:
- Joint U.S.–Russia investment in natural gas, offshore oil, and critical raw materials
- Cooperation prioritizing fossil fuels over green energy initiatives
- Compensation or windfall opportunities for U.S. companies
- Russia’s gradual reintegration into dollar settlement systems
At its core is a striking concession: Russia’s return to transacting in U.S. dollars — the very system Moscow has spent years attempting to sidestep.
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A Reversal Of Policy
Before the 2022 invasion of Ukraine, Russian President Vladimir Putin had already been working to reduce Russia’s reliance on the dollar, strengthening trade ties with China and expanding use of alternative currencies.
After Western sanctions targeted dollar-clearing access and SWIFT connectivity, Moscow accelerated efforts to build parallel systems with Beijing, India, and other partners.
Returning to dollar settlement would effectively acknowledge the continued dominance of U.S. financial infrastructure.
Yet it would also restore Russia’s exposure to Washington’s sanctions leverage.
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Strategic Calculations
The memo argues that rejoining dollar markets would:
- Expand Russia’s foreign exchange liquidity
- Reduce balance-of-payments volatility
- Strengthen the global position of the U.S. dollar
- Potentially narrow trade imbalances by affecting energy pricing
For the Trump administration, such a move could weaken Moscow’s dependence on Beijing — a longstanding strategic concern in Washington.
However, Western officials familiar with the document reportedly doubt the Kremlin would fully pivot away from China, given Beijing’s role in supplying critical components and materials to Russia since sanctions intensified.
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Energy As The Centerpiece
The proposal’s emphasis on fossil fuels aligns with Trump’s public support for expanded energy development. Cooperation in offshore oil, liquefied natural gas, and mineral extraction could create powerful economic incentives on both sides.
At the same time, the memo reportedly includes elements designed to exploit divisions between the U.S. and European allies — particularly over climate policy and long-term energy strategy.
European officials are said to view the document with skepticism, suspecting some proposals may be aspirational promises crafted to entice negotiations without guaranteed follow-through.
Prophetic Context
Scripture reminds us in Proverbs 22:7 (NASB 1995):
“The rich rules over the poor, and the borrower becomes the lender’s slave.”
Currency dominance is power. Control of global settlement systems shapes the geopolitical order as surely as military strength.
Financial realignments often precede strategic shifts.
Conclusion
The reported Kremlin memo does not confirm a deal — nor does it guarantee Russian follow-through. But its contents reveal something significant: even after years of rhetoric about breaking free from the dollar, Moscow recognizes the gravitational pull of America’s financial system.
Whether this proposal becomes part of a Ukraine peace framework or fades into diplomatic maneuvering, one reality remains clear:
The U.S. dollar is still the central artery of global finance.
And nations — even adversaries — calculate accordingly.
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