The ruble became the main foreign trade currency of Russia for the first time


The share of the ruble in payments for Russian exports has grown to a maximum since August 2023 – more than 41%, in imports – to a record 38.1%, according to data from the Bank of Russia. Thus, for the first time, the ruble became the main currency in the country's foreign trade settlements. And by the end of 2023, the domestic currency has become the main one in payments for Russian exports to Europe and Asia.

Previously, the ruble, according to the Central Bank, failed to take at least a third of imports. The trend is fixed with a simultaneous decrease in the share of the yuan.

"In February, against the background of a decrease in both exports and imports, the share of the yuan in export revenue decreased to 30.2% (in January – 40.7%), and in import calculations – to 32.3% (in January – 38.5%)," the regulator writes.

In value terms, export revenue and import payments in yuan amounted to 9.3 and 7.1 billion dollars, respectively.

As Deputy Finance Minister Ivan Chebeskov reported at the end of February, most of the BRICS countries advocated moving away from the dollar and switching to national currencies in trade.