- Trading oil and/ or other commodities (see Petrodollar)
- Buying US dollars for the forex reserves
- Bilateral trade agreements
- Dollar-denominated assets
Since the establishment of Bretton Woods system, the US dollar is used as the medium for international trade. In recent years, several countries are transitioning to trade in national currencies.
In 2013, Australia made an agreement with China to trade in national currencies.
Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan. It made agreements with Australia, Russia, Japan, Brazil, and Iran to trade in national currencies. It has been reported that in the first quarter of 2020 the share of the dollar in the bilateral trade between China and Russia fell below 50 percent for the first time.
Since the end of 2019, the EU countries established INSTEX, a European special-purpose vehicle (SPV) to facilitate non-USD and non-SWIFT transactions with Iran to avoid breaking U.S. sanctions. On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX.
Since March 2018, China started buying oil in gold-backed yuans.
This section needs to be updated. The reason given is: The statement is 20 years old..(November 2020)
Russia accelerated the process of dedollarisation in 2014 as a result of worsening relations with the West. In 2017, SPFS, a Russian equivalent of the SWIFT financial transfer system, was developed by the Central Bank of Russia. The system has been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system. Lukoil, a state-owned company, has announced that it will find a replacement for the dollar.
In June 2021, Russia said it will eliminate the dollar from its National Wealth Fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.
- "News". australianbusiness.com.au. Retrieved 2019-10-26.
- "So Long, Yankees! China And Brazil Ditch US Dollar In Trade Deal Before BRICS Summit". ibtimes.com. Retrieved 2019-10-26.
- Алферова, Екатерина (2020-07-29). "Доля доллара в торговле РФ и Китая впервые опустилась ниже 50%". Известия (in Russian). Retrieved 2020-07-30.
- sina_mobile (2019-05-23). "865家银行加入人民币跨境支付系统 去年交易额26万亿". finance.sina.cn. Retrieved 2020-08-02.
- "European powers launch mechanism for trade with Iran". Reuters. 31 January 2019.
- Girardi, Annalisa (9 April 2019). "INSTEX, A New Channel To Bypass U.S. Sanctions And Trade With Iran". Forbes.
- Coppola, Frances (30 June 2019). "Europe Circumvents U.S. Sanctions On Iran". Forbes.
- "Рябков: РФ будет добиваться участия в механизме внешнеторговых расчетов INSTEX с Ираном" [Ryabkov: Russia will seek participation in the mechanism of foreign trade settlements INSTEX with Iran]. TASS (in Russian). 11 February 2019. Retrieved 11 February 2019.
- "China Prepares Death Blow To The Dollar". OilPrice.com. Retrieved 2019-10-26.
- "INSTEX successfully concludes first transaction". GOV.UK. Foreign & Commonwealth Office. 31 March 2020.
- "European countries to send medical aid to Iran in first INSTEX transaction". AMN. 31 March 2020. Retrieved 31 March 2020.
- "Iraq nets handsome profit by dumping dollar for euro". the Guardian. 2003-02-16. Retrieved 2020-11-12.
- "China, Japan to trade in own currencies". UPI.com. Retrieved 2019-10-26.
- "OEC". oec.world. Retrieved 2019-10-26.
- "Russia to cut share of U.S. dollar in National Wealth Fund, mulls other currencies". Reuters. 13 November 2019.
- Aitov, Timur (15 March 2018). "Натянутая струна. Возможно ли отключение России от SWIFT". Forbes.ru. Retrieved 4 October 2018.
- Turak, Natasha (23 May 2018). "Russia's central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions". CNBC. Retrieved 4 October 2018.
- Gleb Gorodyankin. "Exclusive: Russian oil firm seeks dollar alternative amid U.S. sanctions threat - traders". Reuters. Retrieved 2019-10-26.
- Pismennaya, Evgenia; Andrianova, Anna. "Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions". www.bloomberg.com. Retrieved 5 June 2021.
- "US dollars no longer a quote currency in Venezuela". Xinhua Net. 18 October 2018. Retrieved 19 October 2018.
- "Fintech is the new oil in the Middle East and North Africa". Forbes. Retrieved 10 April 2019.