Russia sharply reduced the use of dollars and euros in foreign trade 16:17

The share of the ruble in Russia’s foreign trade increased to 40 percent; The share of the dollar and euro has already fallen below 30 percent, compared to the last 90 percent. In this respect he is writing RIA News.

For example, Moscow and Beijing have completely switched to payments in national currencies (ruble and yuan). In the face of anti-Russian sanctions imposed by the European Union and the United States, abandoning the euro and dollar and making payments in national currencies helps minimize risks when making foreign economic payments.

But there are a number of nuances when paying in national currencies. For example, during trade with countries around the world, Russia receives the Indian rupee, Uzbek som, Kazakh tenge and Armenian dram. Therefore, Russian companies accumulate excess currency, which is less liquid than American and European ones. And some currencies of Russia’s partners, including the Turkish lira and rupiah, are quite volatile (exchange rate fluctuations – for example) and quite difficult to exchange.

Moreover, Moscow still needs dollars and euros to maintain the stability of its reserve funds and quickly replace them with other currencies.

The agency writes that the creation of a single currency of the BRICS countries (Russia, Brazil, India, China, South Africa) could help solve the currency problem, but this is unlikely to succeed in the near future.

Senior banker of VEB.RF, former Deputy Minister of Finance of Russia Sergei Storchak in an interview with socialbites.ca statedThere are now few prerequisites for abandoning the US dollar. According to him, the emergence of a single BRICS currency requires appropriate political and economic preconditions, and if the first works, the second will be more difficult.

It was previously known which country it was Maybe Contributing to dedollarization.