In August, the ruble assumed a dominant role in payments for imports from Asian countries, marking a record 43.6 percent of transactions, up from 42.9 percent in July. Data from the central bank show the ruble leading material payments, edging out the currencies of friendly partners by 0.6 percentage points. The record sits within a broader trend of Asia strengthening trade ties and the ruble’s growing ability to clear value in cross-border settlements. The note also recalls February 2022, when the ruble first exceeded the share of friendly currencies in Asian imports, though that period involved calculations based on currencies now deemed problematic, or toxic.
The ruble’s reach extended beyond Asia as well. It strengthened its position in settlements with Africa to 69.9 percent and with Oceania to 84.3 percent. Yet the overall share of the ruble in import transactions eased slightly, moving from 45.9 percent in July to 44.7 percent in August, signaling that while the ruble’s footprint is expanding in certain corridors, it remains variable across regions.
Simultaneously, the use of friendly currencies declined by 2.2 percentage points to 31.2 percent. At the same time, the share of toxic currencies rose from 20.7 percent to 24.1 percent, driven largely by settlements across Asia, the Americas and Europe. Analysts observe a recalibration of international payment networks as sanctions and risk management considerations push buyers and sellers toward a more diversified mix of currencies in global trade.
Reports on official reserves show the dollar’s share dipping to 58.22 percent, the lowest level seen in roughly three decades. The shift reflects a growing move by countries to reduce dependence on the US currency by adopting alternative currencies and gold to spread risk. In parallel, the central bank signaled another increase in the key interest rate, signaling a tighter monetary stance amid evolving domestic and external pressures.