Russia crosses ruble foreign trade threshold
Moscow and many of its trading partners have stepped up efforts to reduce exposure to the Western financial system since major Russian banks were cut off from SWIFT in 2022 as part of Ukraine-related sanctions. Banks and businesses have sought to use alternative financial and banking platforms and increasingly use national currencies in trade settlements.
In May, the ruble accounted for 52.4% of export settlements, up slightly from April's 52%, as Moscow accelerated its shift away from Western currencies under sanctions pressure, according to central bank data published earlier this month. Both months marked the first time the ruble has exceeded 50% across all major trade regions.
'Notably, the rise in ruble payments coincides with a decline in the use of currencies from so-called 'friendly' countries,' Tatiana Belyanchikova, a finance professor at Plekhanov Russian University of Economics, told Rossiyskaya Gazeta on Thursday. She noted that trading partners – aside from those using major global currencies such as the US dollar or euro – increasingly prefer rubles to avoid conversion costs and secure better terms.
Oceania led with 94.2% of export payments in rubles, followed by the Caribbean (92.1%) and Africa (84.6%). Europe and North America reached 59.8% and 51.9%, respectively.
The ruble's dominance and a shift towards national currencies is even more pronounced in trade with neighboring states and key partners. Nearly 90% of settlements with nearby countries were conducted in national currencies by the end of May, while ruble-yuan trade with China hit 95% in late 2024, according to central bank figures.
Analysts say the data underscores Moscow's accelerating de-dollarization drive as sanctions reshape global financial flows, with strategic partners increasingly adopting the ruble to bypass restrictions.
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