The recent meeting in China between Russian President Vladimir Putin, Chinese President Xi Jinping, and Indian Prime Minister Narendra Modi has garnered global attention. People see this meeting as more than just a normal diplomatic photo op. They see it as a strong protest against US domination in the world and a brave step towards dedollarization. It had a lot of meanings and symbols, but the effects go even deeper and affect economies, regions, and countries around the world. As these three powers come together, they bring together a huge portion of the world’s people, energy, and new market energy. This suggests that the world may finally be changing from a unipolar one after the Cold War to a truly multipolar one.
The promise to become less reliant on the US dollar in global trade was one of the most important messages that came out of the three-way meeting. Russia has already taken big steps; more than 90% of its business with China and India is said to be done in their own currencies. The world’s second-largest economy, China, has long wanted to make the yuan a global currency and push it as an option to the dollar as a global reserve currency. India has been more cautious, but it has started to try out rupee-based payments, especially in its oil trade with Russia.
If these three forces work together more closely, it could have huge effects on the world economy. The US dollar is the most important currency in the world because people believe in American institutions, and it plays the most important part in trade, finance, and global reserves. A planned push from Moscow, Beijing, and New Delhi adds a new line of weakness to that structure. For global markets, this could result in increased financial fragmentation. However, it could also make poor countries more resilient, as the dollar’s instability often renders them vulnerable.
Setting up alternative financial institutions, like the planned Shanghai Cooperation Organisation (SCO) development bank, shows how serious this goal is. If these kinds of projects succeed, they will gradually create a system where loans, trade, and investments can occur without relying on the dollar. The US currently has much power thanks to penalties and monetary policy. This would make it harder for the US to use the dollar-dominated SWIFT system as a geopolitical tool.
This meeting is a step towards more Eurasian unity on a regional level. Since the attack on Ukraine cut it off from the West, it has focused more on Asia. China wants to grow its power through the Belt and Road Initiative (BRI) and younger groups like the Shanghai Cooperation Organisation (SCO). It is already the region’s economic hub. India has always been wary of getting too close to either Washington or Beijing, so it has carefully positioned itself to benefit from multiple relationships.
It is essential not to underestimate the significance of Modi standing alongside Xi and Putin. India is a member of U.S.-backed groups like the Quad, and there are ongoing border issues with China. However, New Delhi’s involvement shows that it does not want to be tied down to any one bloc. India is instead seeking what it calls “multi-alignment,” which means it is working to improve its economic and security ties with all big powers.
This three-way cooperation could have real effects on the area. For starters, it makes the SCO stronger as a place for Eurasia to talk about economic and military issues. Second, it brings back to life the Russia, India, and China (RIC) system, which was idle for a while but could be used to settle disagreements and work together on economic issues. Even though there are still big differences, especially between China and India, the fact that they want to be seen together shows that, at least for now, cooperation is more important than competition.
For Washington, this trilateral summit is a wake-up call. Since the end of the Cold War, the United States has been the uncontested architect of global rules, relying on its military reach, economic clout, and dollar dominance. However, the Tianjin meeting suggests that the cracks in this system are widening.
First, the economic threat. If de-dollarization gains momentum among large economies like India, China, and Russia, it will erode the United States’ ability to use the dollar as a lever of influence. US sanctions have historically worked because most trade and reserves are denominated in dollars. A parallel financial system, even if initially small, undermines that leverage over time.
Second, the geopolitical message is clear. US attempts to isolate Russia, contain China, and draw India firmly into its orbit are not working seamlessly. India’s presence at the summit—despite its growing ties with Washington—shows that New Delhi is unwilling to be cast as a junior partner in a U.S.-led bloc. Instead, India is keeping its options open, which dilutes the effectiveness of the US strategy in Asia.
Finally, the broader narrative of multipolarity is gaining legitimacy. For years, American policymakers dismissed such rhetoric as aspirational. However, with the three Eurasian giants openly calling for “a new global order” and backing it with institutional proposals, Washington faces the reality that its dominance can no longer be taken for granted.
While the summit projects unity, it is important to recognize the structural limitations. India and China remain deeply divided on border disputes and strategic rivalry in the Indo-Pacific. Russia, increasingly dependent on China, risks being the junior partner in this arrangement. India, wary of Beijing’s rise, may hesitate to fully commit to projects that appear to advance Chinese hegemony under a different guise.
Moreover, de-dollarization, while advancing, faces hurdles. The yuan still lacks the full convertibility and trust required of a reserve currency. The rupee is constrained by India’s capital controls and macroeconomic vulnerabilities. Russia’s economy, although resource-rich, is relatively small compared to those of China and India. These factors limit how quickly and how deeply the dollar’s dominance can be challenged.
Still, the fact that these three leaders chose to gather and emphasize common ground suggests a recognition that their shared interests outweigh their differences. The US, for all its power, is no longer seen as the only game in town.
Looking forward, the real test will be in implementation. Will the SCO development bank materialize, and will it provide loans in non-dollar currencies? Will India and China expand their use of local currency settlements despite mutual mistrust? Will Russia, China, and India manage to align their positions on regional conflicts and infrastructure projects?
If the answer to even some of these questions is yes, then the global order will shift—not in a dramatic collapse of US power, but in a gradual erosion of its monopoly. The rise of parallel systems will create a world where no single power can dictate terms, forcing greater negotiation, compromise, and balance.
The meeting of Xi, Modi, and Putin in China was more than a photo opportunity. It was a statement of intent: that the world’s largest nations, long accustomed to Western dominance, are ready to chart their own course. For the global economy, it heralds a push toward de-dollarization and financial diversification. For Eurasia, it signals a quiet consolidation of regional cooperation. Moreover, for the United States, it represents the beginning of a long-term challenge to its supremacy.
History often turns not on wars or revolutions, but on subtle moments when the balance of power begins to shift. The Tianjin summit may be remembered as one such moment—a quiet but powerful declaration that the 21st century will not be written by Washington alone.
