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The escalating geopolitical strife, which is being stoked by Washington's new cold war, has prompted Russia, China, Iran, and an increasing number of other countries to strive to de-dollarize, or at the very least, to diversify their foreign reserve holdings.
The ruble is weakening, and some say its fall will continue.
The Russian-installed administration of Ukraine’s Kherson region said on Saturday that it had begun changing locally circulated Ukrainian hryvnia currency
Russian Economic Development Minister Maxim Reshetnikov says that the exchange rate now reflects the real current situation of currency supply and demand, issues of de-dollarization, issues of the same imports, issues of market expectations.
Russia announced that it will embrace the Yuan in exchanges with China as anti-Russia sanctions become increasingly threatening to Russian banks.