Dollar Dethroned: 11 Countries Abandon US Currency in Favor of Local Currencies

The US dollar is facing one of its biggest challenges yet as 11 countries have decided to stop using it in international commercial transactions. These nations, members of the Commonwealth of Independent States (CIS), are seeking to strengthen their local currencies and reduce their dependence on the dollar.

The decision, known as 'de-dollarization', is part of a trend that gained momentum after the US imposed sanctions on Russia in 2022. The CIS leaders claim this change strengthens economic sovereignty and opens up new fiscal opportunities.

According to Vladimir Putin, the Russian president, the use of national currencies in mutual payments among CIS members already exceeds 85%. This move could reduce the influence of the United States in the global economy and create new markets based on local currencies.