Russian President Vladimir Putin criticized U.S. efforts to block Russian payments to China and other nations, calling these actions “really stupid and a huge mistake” because they impact the U.S. dollar's status as a reserve currency. During a visit to China, Putin expressed that this strategy harms U.S. interests globally.

Putin told TASS that these measures damage the U.S. itself and reduce confidence in the dollar, encouraging the need for alternative payment methods not controlled by the U.S. He emphasized the importance of state support for these alternatives.

Since sanctions were imposed on Russia over its involvement in Ukraine, trade with China has increased. However, Chinese banks have begun blocking payments from Russian firms to avoid secondary sanctions. As a result, Chinese exporters have turned to smaller banks and cryptocurrencies, despite their ban in China.

Additionally, there has been cooperation between Russia and Iran on developing a single currency for the BRICS bloc.