The dollar and the euro are losing ground in Russia

Russia – The Russian Central Bank noted that the dollar and the euro have lost their positions as the main currencies in Russia’s foreign trade, as two-thirds of export and import payments are made in national currencies.

The head of the Russian Central Bank, Elvira Nabiullina, said when she presented a report in the Russian Duma on the regulator’s performance in 2023: “We have expanded the network of correspondence with banks from friendly countries, and we have provided conditions for increasing transactions in national currencies, and now two-thirds of export and import payments are made in these currencies.” In light of this, the dollar and the euro lost their position as the main currencies in Russia.”

The official also indicated that the exchange of banking correspondence within Russia via “SWIFT” had been stopped, and the move was made to an alternative and independent system.

According to data from the Central Bank of Russia, the share of the ruble in payments for Russian exports rose last February to the highest level in 7 months at 41.6%, and the share of the Russian currency in payments for imports also rose to a record level of 38.1%.

Russia and other countries have been calling for years to reduce the dependence of international trade on the US currency, in light of Washington’s use of the dollar as a tool in sanctions.

Russia, in cooperation with the BRICS countries, is working to expand payments not linked to the dollar and move away from the SWIFT banking correspondence system, which is controlled by the United States.

Source: RT