Dedollarization Accelerates: Russia and Ethiopia Move Away from the US Dollar
Russia and Ethiopia are deepening economic ties by trading in their respective national currencies. Marking a growing global trend away from the U.S. dollar.
This shift is aimed at reducing reliance on foreign exchange. Cutting transaction costs, and protecting against exchange rate volatility. Ethiopian Ambassador to Moscow, Genet Teshome Jirru, noted that while the shift is still in early stages, both nations are committed to expanding this practice. The move also reflects Ethiopia’s growing economic ties with Russia and its broader push for economic independence through BRICS membership.
Clever Robot News Desk 9th February 2025
