Russia, Qatar aim to ditch dollar in bilateral trade: Envoy

The Russian ambassador to Qatar says the two countries are seeking to use national currencies in their bilateral trade amid an accelerating wave of de-dollarization across the world.

In an interview with Russia’s RIA Novosti news agency on Monday, Dmitry Dogadkin said that works are underway to diversify away from the US greenback.

“Russia has proposed to diversify mutual trade [with Qatar] and switch to the use of national currencies. Work in this direction is being carried out between our relevant departments,” he said.

For decades, the US dollar has been the dominant currency in the global financial system.

In recent years, however, a de-dollarization trend has gained momentum as countries try to reduce their exposure to the risks and fluctuations associated with the American currency.