With the US government being able to enforce their will through it's control of the SWIFT banking system, it's probably smart on Russia's part to promote any sort of an internationalized currency as a countermeasure to erode that leverage.
With the US government being able to enforce their will through it's control of the SWIFT banking system, it's probably smart on Russia's part to promote any sort of an internationalized currency as a countermeasure to erode that leverage.
My suspicion is that in the near future Russia and China will come together to create a gold-backed currency. Not a merging of the two countries, mind you, simply a partnership between the two of them, and any other countries willing to pony up the gold, to create a currency which is backed by actual gold reserves as opposed to today's fiat currencies. Then they can require that oil, for example, be paid only in that gold-backed currency. When they do that, it will collapse the dollar and all the other quantitive easing-loving bits of paper out there.
That is pretty much what would happen. I think your scenario would be pretty plausible, with the caveat that China collapsing the dollar would really screw up their export economy. So even if it's a good idea for them long term, they'd have to think about the long term implications.
I would like to see that future because currently Russia has no own currency, RUB is more like a derivative from Brent/USD pair. But I don't think something will be done in collaboration with China, China is in an economic war with the rest of the world and their play with Russia and mostly Putin and his gang is all about easy acquisition of resources while president is searching for a "friends" to play with after total clusterfuck of his relationships in West.
Keep your friends close and your enemies closer. Many times marriages of convenience work better, and last longer, than those that began with love.