Share of Russia’s exports settle reaches record levels

(MENAFN) The proportion of Russian exports paid in rubles hit a record high in June as Moscow continues to reduce reliance on Western currencies amid sanctions, according to central bank data.

Last month, 55.5% of export settlements were conducted in rubles, up from 52.4% in May. April marked the first time the currency accounted for over 50% of exports across all major trade regions.

Since major Russian banks were cut off from the SWIFT network in 2022 following the escalation of the Ukraine conflict, Russia and several of its trading partners have sought to bypass the Western financial system. Companies increasingly use national currencies and alternative payment channels.

According to the central bank, exports in June totaled $33 billion, bringing second-quarter totals to $100 billion and first-half results to $196.1 billion.

Economists note that trading partners outside of major global currency systems, such as the US dollar or euro, are increasingly opting for ruble payments to reduce conversion costs and secure better terms.

By region, the Caribbean led with 97.5% of exports settled in rubles in June, followed by Africa, which jumped from 12.9% at the start of 2024 to more than 85%, and Oceania at 83.1%. Europe remained high at 65%, while North America was lowest among major regions at 47.4%.

Analysts say the data highlights Moscow’s accelerating de-dollarization strategy, as sanctions reshape global financial flows and strategic partners increasingly adopt the ruble to circumvent restrictions.

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