Ruble beating ‘toxic’ Western currencies in export payments – central bank

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The ruble’s share in Russia’s foreign trade activities continues to rise on a monthly basis, according to Bank of Russia data issued on Monday.

According to the calculations, 39% of payments for Russian export deliveries and 30% of payments for imports were made in the national currency in May. Meanwhile, the share of “toxic” currencies, the US dollar and euro, has fallen to 33% and 35%, respectively, in exports and imports, according to the regulator.

Along with the ruble’s increased proportion, the “weight” of the Chinese yuan in Russia’s foreign trade activities has increased. It increased its exports to 25% in May from 23% in April, while imports stayed at 31%. Monthly export revenues in dollars

Last year, in response to Western sanctions imposed over the Ukraine war, Russia actively began to replace the dollar and euro in overseas trade. Since then, Russia has drastically limited the number of bank accounts and transactions utilizing Western currencies between companies and financial institutions. Prior to the conflict, the US dollar and euro accounted for almost 90% of Russian settlements.

According to the Russian Finance Ministry, the share of Western currencies in Russian trade will fall to 10-15% by the end of the year.

According to official estimates, the ruble’s share of settlements between Russia and the countries of the Eurasian Economic Union (EEU) has reached 80% as of June.