Moscow celebrates the "global de-dollarization," while the Cuban regime clings to the dollar to survive

The Russian Ministry of Foreign Affairs stated that dedollarization "is becoming a global trend," driven by distrust towards the financial mechanisms created by the West.

It points out in a post on X that the loss of trust in Western financial systems is leading several countries to “reduce their dependence on the U.S. dollar,” a process promoted by the BRICS bloc and supported by China, India, Brazil, and South Africa.

The announcement from the Russian government included a meme about "the dollar" in which her boyfriend turns to look at the backside of "other options" while they stroll down a street.

The Russian government believes that transactions in national currencies are a key point for achieving financial independence; to date, it conducts more than 85% of export payments in rubles and in other currencies of friendly countries.

In addition, both Moscow and New Delhi, which signed an agreement to this effect four weeks ago, are expanding their gold reserves and creating alternatives to the traditional SWIFT transfer system as a way to counter the hegemony of the dollar.

However, while Moscow celebrates the end of the dominance of the U.S. dollar, its political ally in the Caribbean, Cuba, is moving in the opposite direction and increasingly relies on the U.S. currency to sustain its crumbling economy.

Just a few days earlier, the Central Bank of Cuba (BCC) announced an official devaluation of 242% of the Cuban peso, setting the dollar at 410 CUP and the euro at 481.42 CUP.

With this measure, the regime officially acknowledged what the informal market had already established months ago: that the Cuban peso has collapsed and lost almost all of its real value.

In Cuba, the government has had to partially dollarize its economy to survive: stores in freely convertible currency (MLC) operate exclusively with foreign currencies, while salaries and pensions remain in increasingly devalued pesos.

The Cuban peso lacks backing, international reserves are practically depleted, and transactions in the national currency have reduced to a symbolic system with no purchasing power.

Cubans can only access basic goods through stores that accept dollars or through remittances from abroad, in a process that consolidates inequality and economic exclusion.

The so-called "global trend" that Russia speaks of does not seem to apply on the Island: there, the dollar still reigns.