Publication

This paper explores Russian leaders’ views on reforming the International Monetary System (IMS), the potential role of the ruble in an emerging multicurrency world, and the relationship between the ruble and renminbi (RMB). The author examines how the promotion of ruble internationalization has been central to Russian efforts for international financial architecture reform as well as domestic political, economic and symbolic purposes. He argues that Russian concerns about the US dollar-based IMS and its ambitions for ruble internationalization are incompatible with its attitudes toward China and the RMB.