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Sanctions Drive Ruble Over 50% in Export Payments for First Time
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For the first time, more than 50% of Russian exports are being paid in roubles, according to the central bank, reflecting a decisive advance in Moscow’s dollarization strategy. This trend was consolidated between April and May 2024, driven by Western sanctions that excluded Russian banks from the SWIFT system, forcing Russia and its partners to adopt national currencies in their transactions. Ruble already dominates in regions such as Oceania (9…
Russia crosses ruble foreign trade threshold
The share of the currency has surpassed 50% in all trade regions for the first time, according to the central bankThe share of the Russian ruble in payments for Russian exports surpassed 50% for the first time earlier this year, according to central bank data.Moscow and many of its trading partners have stepped up efforts to reduce exposure to the Western financial system since major Russ
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