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Putin claims that Ruble ruling ‘toxic’ Western currencies in Russian shipments
(MENAFN) During a plenary session at the St. Petersburg International Economic Forum (SPIEF), Russian President Vladimir Putin emphasized the increasing dominance of the ruble in Russia's foreign trade, highlighting a significant decline in payments made in the currencies of countries deemed 'unfriendly' due to stringent sanctions imposed over the Ukraine conflict.
Putin noted that in the past year, the proportion of payments for Russian exports conducted in the currencies of these 'toxic' states has halved. In contrast, the share of the ruble in both export and import transactions has risen steadily and is approaching 40 percent. He highlighted that since 2021, the use of the Russian currency in international payments has tripled, signaling a marked shift away from reliance on Western currencies.
Amid Western sanctions triggered by the Ukraine conflict, Russia initiated a strategic pivot away from the US dollar and euro in its foreign trade operations. This shift has entailed a significant reduction in the number of financial transactions and bank accounts involving Western currencies, which previously dominated Russia's settlement mechanisms with international partners.
Putin underscored that friendly nations currently constitute three-quarters of Russia's total trade volume, reflecting ongoing efforts to strengthen economic ties with partners unaffected by Western sanctions. He affirmed Russia's commitment to further expanding cross-border payments conducted in national currencies with these allied countries.
Moreover, Putin highlighted collaborative efforts within BRICS nations (Brazil, Russia, India, China, South Africa) to establish an autonomous payment infrastructure independent of Western financial systems. He emphasized that this initiative aims to create a resilient and secure payment mechanism that is immune to political pressures, fraud, and external sanctions, thereby enhancing financial sovereignty and stability among member states.
Putin's remarks underscored Russia's strategic adaptation in response to geopolitical challenges, particularly in navigating the economic ramifications of international sanctions while advancing collaborative frameworks aimed at bolstering global economic resilience and independence.
Putin noted that in the past year, the proportion of payments for Russian exports conducted in the currencies of these 'toxic' states has halved. In contrast, the share of the ruble in both export and import transactions has risen steadily and is approaching 40 percent. He highlighted that since 2021, the use of the Russian currency in international payments has tripled, signaling a marked shift away from reliance on Western currencies.
Amid Western sanctions triggered by the Ukraine conflict, Russia initiated a strategic pivot away from the US dollar and euro in its foreign trade operations. This shift has entailed a significant reduction in the number of financial transactions and bank accounts involving Western currencies, which previously dominated Russia's settlement mechanisms with international partners.
Putin underscored that friendly nations currently constitute three-quarters of Russia's total trade volume, reflecting ongoing efforts to strengthen economic ties with partners unaffected by Western sanctions. He affirmed Russia's commitment to further expanding cross-border payments conducted in national currencies with these allied countries.
Moreover, Putin highlighted collaborative efforts within BRICS nations (Brazil, Russia, India, China, South Africa) to establish an autonomous payment infrastructure independent of Western financial systems. He emphasized that this initiative aims to create a resilient and secure payment mechanism that is immune to political pressures, fraud, and external sanctions, thereby enhancing financial sovereignty and stability among member states.
Putin's remarks underscored Russia's strategic adaptation in response to geopolitical challenges, particularly in navigating the economic ramifications of international sanctions while advancing collaborative frameworks aimed at bolstering global economic resilience and independence.
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