Russia Eyes Return to US Dollar in $12 Trillion Economic Pitch

2026-02-14 economy

Moscow, Friday, 13 February 2026.
Moscow confirmed a proposal on February 13 to restore US dollar settlements within a staggering $12 trillion economic framework. This potential partnership, contingent on a Ukraine peace deal, signals a major reversal of recent BRICS de-dollarization efforts and offers US firms renewed access to Russian energy markets.

Kremlin Confirms “Dmitriev Package” and Dollar Pivot

Following President Zelenskyy’s recent warning regarding a clandestine $12 trillion offer from Moscow to Washington [https://wsnext.com/cfb4fcd-Geopolitics-Foreign-Policy/], the Kremlin has officially acknowledged the existence of the proposal as of Friday, February 13 [4][8]. Known as the “Dmitriev package”—named after Kirill Dmitriev, CEO of the Russian Direct Investment Fund—the plan outlines a comprehensive economic partnership that includes the return of US companies to the Russian market and, most notably, a restoration of dollar-denominated settlements [4][8]. Kremlin spokesperson Dmitry Peskov confirmed that Moscow is actively discussing these trade frameworks with Washington, stating that Russia is prepared to return to using the US dollar “if it is attractive” [7]. This confirmation transforms what was previously an intelligence allegation into a formal diplomatic overture, contingent on a finalized peace settlement in Ukraine [1][6].

Reversing the De-Dollarization Trend

The proposal marks a sharp strategic pivot from Russia’s monetary policy since 2022. Following its removal from SWIFT, Russia shifted nearly 90% of its trade with China and India into national currencies, driving local currency settlements across the BRICS bloc to between 60% and 67% [1]. However, the new Kremlin memo suggests that returning to the dollar system is viewed as a necessary step to stabilize currency markets and expand access to global liquidity [1]. By offering to reintegrate into the dollar system, which still accounts for approximately 88–89% of global foreign exchange transactions, Moscow is effectively offering to stall the BRICS de-dollarization agenda in exchange for economic normalization with the West [1]. Peskov emphasized that Russia had not voluntarily abandoned the dollar but was forced into alternative payments by US restrictions [7].

Energy Dominance and Joint Ventures

At the core of the $12 trillion pitch is a proposed “Energy Dominance” partnership focused on fossil fuels rather than green alternatives [1][7]. The seven-point document details joint investments in natural gas, offshore oil exploration, and the development of critical raw materials such as palladium and nickel [1][7]. Specific incentives for US firms include preferential treatment for re-entering the Russian market, potentially compensating them for losses incurred after the corporate exodus of 2022 [4][7]. The plan envisions rebuilding contracts and establishing joint ventures in Siberian gas fields and the Arctic, alongside long-term agreements for purchasing American aircraft [1][4][7]. These economic “carrots” are designed to align the commercial interests of both nations, provided the political deadlock over Ukraine is broken [1].

Peace Talks Amidst Legislative Pressure

The timing of this economic disclosure correlates with accelerating diplomatic activity. On February 13, the Kremlin announced that the next round of peace talks is scheduled for next week [6]. While Moscow has not confirmed the location, sources indicate that US officials have proposed a trilateral meeting in Miami for the coming Monday and Tuesday [6]. However, this diplomatic channel faces headwinds from Capitol Hill. Just two days prior, on February 11, US lawmakers introduced the “Decreasing Russian Oil Profits (DROP) Act of 2026,” aiming to close sanctions loopholes and target the “shadow fleet” transporting Russian crude [5]. Republican Congressman Michael McCaul characterized Russian energy as the “lifeblood of the Kremlin’s war machine,” arguing that the West must choke off these revenues to secure favorable terms in any ceasefire negotiations [5].

Sources

Geopolitics De-dollarization