After the Ukraine incident, the United States and European countries jointly implemented economic sanctions against Russia. In order to get rid of the impact of the US dollar on the Russian financial sector, Russia comprehensively carried out the wave of "de dollarization", implemented "de dollarization" in foreign exchange reserves, settlement fields and clearing systems, and issued the "ruble settlement order", forming a model effect in the world. In combination with Russia's "de dollarization" measures, this paper quantifies the extent of Russia's dollarization by means of asset substitution, quantifies the international status of the U.S. dollar by the global share of the U.S. dollar reserves, and conducts regression analysis. It is concluded that although Russia's "de dollarization" cannot shake the hegemony of the U.S. dollar in the short term, this measure has a negative impact on the international status of the U.S. dollar in the field of international foreign exchange reserves, promoting the internationalization of the RMB, It provides reference for countries around the world to "de dollarize".

Yan Chen. The Impact of Russia's "De Dollarization" on the International Status of the US Dollar. Academic Journal of Business & Management (2023) Vol. 5, Issue 2: 17-21. https://doi.org/10.25236/AJBM.2023.050204.

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