Russia is moving back toward the U.S. dollar in a development that has shaken global markets within minutes of the announcement.
According to an internal document, the Kremlin is prepared to re-engage broadly with the dollar in international transactions. The document indicates that Russia is seeking renewed cooperation with the United States across several sectors, particularly in fossil fuels. This shift comes amid intensified pressure from President Trump on countries purchasing Russian oil, significantly increasing the geopolitical and economic stakes.
The market reaction was immediate and severe.
Gold prices collapsed by more than $150 in less than ten minutes following the news. Oil prices also declined sharply, falling nearly $2 on the day.
Prior to the announcement, gold had been trading in a consolidation range around $5,070. As of February 12 at 11:30 AM EST, gold was trading near $4,940 and continued sliding sharply, briefly reaching $4,878 in the aftermath of the news.
The abrupt move highlights the sensitivity of precious metals to geopolitical realignments and currency shifts, particularly when involving major global powers such as Russia and the United States.