22/08/2024

The share of ruble payments in the payment of imports to Russia has updated a new record in June 2024. Overall, it was almost 43%, rising by 13 percentage points over the year. The previous record of about 42% was recorded in May, according to statistics from the Bank of Russia.

The share of the ruble has increased significantly when paying for imports from Africa, America and Europe – by 5-10 percentage points, depending on the region.

For example, in Europe it has risen to almost 59%. In America, the share of payments in Russian rubles increased to 31%, and in Africa – to more than 54%, setting a new record.

In Asia, the structure has remained largely unchanged: the share of the ruble exceeds a third, whereas previously it was less than 25%. The share of the yuan and unfriendly currencies, in turn, is decreasing.

Restrictions and blockages have made the dollar and the euro less attractive. The increase in the share of the ruble is due to the restructuring of the Russian economy, new ties, trading partners and the gradual transition to trading in national currencies.

As a result, dependence on foreign currencies decreases, which reduces the risks of ruble devaluation. And secondly, as analyst Polina Shchukina explained, this contributes to the strengthening of the national currency in foreign markets and its stability there.