What does it mean for Russia to wipe out the dollar completely?

it is impossible for Russia to wipe out the dollar completely. At present, the US dollar is still the main currency for global trade settlement, and Russia still needs to reserve some in moderation. However, most of Russia's wealth such as reserve assets has basically cleared the US dollar, and instead reserves assets such as gold, euro and RMB, which can make Russia less susceptible to the influence of the United States and is more beneficial to Russia. 1. Make it easy for the United States not to freeze Russia's wealth

Since the Russia-Ukraine conflict, the United States and Europe and other countries have frozen a lot of Russian reserve assets, totaling about $3 billion. These frozen assets can't even be used to repay the interest and principal of overseas bonds issued by Russia, and it is not known when such a large amount of wealth can be unsealed, which also makes Russia feel more uncomfortable.

And if the reserve assets held by Russia have cleared the US dollars as much as possible, and they are not placed in western countries, then it is possible that Russia's reserve assets will not be frozen so much. Therefore, Russia's reserve of dollars as little as possible can make it easy for the United States and other countries not to freeze Russian wealth. 2. Say no to dollar hegemony

Russia also wants to say no to dollar hegemony. The United States not only imposed sanctions on Russia, but also tried to use the hegemony of the US dollar to make rounds of attacks on the Russian financial system, hoping to make the Russian financial system collapse, so that Russia would lose more, and the United States might earn more from the collapse of the Russian financial market.

However, Russia has taken good measures to deal with it, including eliminating the US dollar as far as possible, issuing a natural gas ruble order, linking the ruble to gold, and increasing the holding and trading volume of RMB, so that the Russian financial market has gradually stabilized. Russia's financial market is stable, but the Russian dollar is rarely used, which can't be said for the hegemony of the dollar. 3. It's useless to hold the US dollar

Now Russia has cleared the US dollar because it's useless to hold the US dollar. Europe and the United States impose sanctions on Russia, and it is difficult for Russia to buy the good things it needs from the United States even if it holds dollars. Under such circumstances, Russia will certainly clear the dollars, which is more beneficial to itself.

At present, many Russian foreign trade companies begin to adopt payment methods such as euro, RMB or Russian ruble, which can obviously avoid the impact of the fluctuation of the exchange rate of the US dollar, and it is also more beneficial for Russia. Therefore, it is useless for Russia to hold dollars, which is also the reason why Russia has reduced its holdings of dollars.