A quiet but decisive shift is underway: Eleven post-Soviet republics have announced they will stop using the U.S. dollar in international transactions.
In 2025, the U.S. dollar will lose its place as the default currency in a bloc of eleven countries spanning Eastern Europe and Central Asia. This decision, spearheaded by members of the Commonwealth of Independent States (CIS), marks a significant move away from Washington’s financial orbit. The aim? To strengthen local economies, increase financial autonomy, and reduce exposure to U.S. sanctions and policy swings.
A symbolic break with decades of dollar dominance
Since the end of World War II, the dollar has sat at the center of global finance. It has been the preferred currency for trade, reserves, and investment across nearly every market. Today, it’s still used in around 80% of international transactions, but that monopoly is no longer unchallenged.
Among those sounding the alarm is Joyce Chang, Global Research Chair at JP Morgan. Her view: while the dollar will remain relevant, its uncontested dominance is fading. What once seemed unthinkable—countries pivoting away from the greenback—is now actively happening.
The countries leaving the dollar behind
The eleven countries that have committed to this policy are:
- Armenia.
- Azerbaijan.
- Belarus.
- Kazakhstan.
- Kyrgyzstan.
- Moldova.
- Russia.
- Tajikistan.
- Turkmenistan.
- Uzbekistan.
- Ukraine.
Yes, even Ukraine, despite its war with Russia, is part of this shift. In this case, geopolitical rivalries have been set aside in favor of economic strategy. The common ground: a desire to stop depending on Washington to move money.
Why now?
Multiple factors explain the timing. Politically, the region has been drifting away from U.S. influence for years. Strategically, the move allows these nations to insulate themselves from external pressure. And technologically, they now have the tools: digital currencies, bilateral trade mechanisms, and alternative payment systems that make de-dollarization a real option.
Russia, heavily sanctioned and already operating outside the dollar system, has shown the way. The rest are following.
What’s actually changing?
This is more than a currency switch—it’s a strategic shift in global power dynamics. Moving away from the dollar means less dependence on American financial institutions, and fewer restrictions when signing international deals. It also means having more control over economic shocks coming from abroad.
While the dollar won’t disappear overnight from these markets, its influence is set to decline steadily. Local currencies will gradually take over in trade agreements, supported by new payment infrastructures.
What does this mean for citizens?
For everyday consumers, the change will be slow and mostly invisible—at first. Banks and companies will transition first, adjusting their international operations to prioritize local currencies. Eventually, the dollar’s role in these societies will shrink, both in volume and symbolic weight.
Long term, the shift could transform financial systems in these countries. It brings more autonomy, but also new risks and responsibilities. For now, the dollar remains a pillar of the global economy. But its crown is tilting—and this bloc of eleven nations has made it clear: they’re ready to move on.