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Asia Times (10 November 2025)

M A Hossein

On November 4, Russia’s Finance Minister Anton Siluanov stated that almost all trade between Russia and China (99.1% to be exact) now happens outside the Western financial system in only rubles and yuan.

This wasn’t just another number but a quiet, if not clear, signal that the age of the US dollar dominating everything is winding down. For the first time since World War II, the axis of global trade is no longer spinning solely around Washington and Wall Street.

Just a few years ago, nearly every transaction between Moscow and Beijing ran through Western banks, was settled in dollars or euros and was monitored under Western-dominated systems like SWIFT. That world is now gone.

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