According to Central Bank data cited by RBC, the ruble has intensified its role in payments for Russian exports to the European Union and to Asian partners. The shift reflects a broader move toward using national currencies in trade and a gradual rebalancing of bilateral financial flows away from the dollar and the euro in certain corridors.
In May, the ruble accounted for 49.8 percent of swap transactions with Europe and 36.3 percent with Asia. Transactions denominated in currencies from non European economies represented 45.1 percent of exchange activity, with 5.1 percent involving currencies of countries described as friendly. Within Asia, swaps in ruble and regional currencies stood at 30.2 percent and 33.5 percent respectively, underscoring a significant diversification of payment currencies in the region.
On the import side for the same period, the ruble represented 50.1 percent of agreements with European counterparties. Currencies from hostile nations still comprised 45.9 percent of the mix. Nearly half of all trade arrangements with Asia involved ruble or friendly-country currencies, while the share of the dollar and the euro reached 29.4 percent combined and the ruble comprised 21.1 percent of these transactions. These figures illustrate a continued trend toward greater use of the ruble in both export and import settlements with major partners, alongside persistent use of Western currencies where convenient or required by counterparties.
Analysts note that across markets involving North America, Latin America, and Africa, the dollar and the euro continue to dominate the value of export and import payments. The ongoing realignment of currency usage in these regions highlights the role of policy signals, market liquidity, and bilateral agreements in shaping the currency composition of trade.
Earlier developments linked to ruble settlement practices show a broader strategic emphasis on currency diversification. In March of the previous year, steps were taken that directed payments for energy resources, including natural gas, to be settled in rubles under presidential guidance. The Central Bank has also published reports indicating shifts away from euro-denominated export deals in risk assessments for financial markets, a trend tied to sanctions and the evolving external environment. By late 2022, authorities had noted reductions in payments settled in currencies considered hostile, reflecting the sanctions landscape and the need to manage exchange-rate and commodity-payment risk more effectively.
Commentary from observers and officials underscores a continuing transition in how Russia conducts international settlements. The discussion centers on how policy choices, market incentives, and the readiness of trading partners to engage in ruble-denominated or mixed-currency settlements influence the velocity and volume of such transactions. The result is a more diversified currency toolkit for bilateral trade, with the ruble taking on a larger role alongside regional currencies and, in some cases, as a primary vehicle for payments in key corridors.
Market participants stress that the pace of change depends on a constellation of factors, including price stability, financial market depth, and the willingness of counterparties to accept non-traditional invoicing. In this context, the ruble’s growing share does not signal an abrupt departure from Western currencies but rather a recalibration that reflects strategic and economic considerations in Russia and its trading partners. The evolving landscape invites ongoing monitoring of currency usage patterns across sectors, geographies, and policy settings, as well as the potential implications for exchange-rate risk management and international finance.
Notes on terminology and data interpretation: the figures referenced pertain to observed shares of currency usage in swap and settlement transactions over stated periods. They reflect the composition of payments and do not alone determine price or supply conditions. Attribution is to the Central Bank and to RBC reporting, with ongoing updates anticipated as market dynamics unfold.
In light of these developments, market watchers and policymakers continue to assess the trajectory of currency diversification in global trade. The ruble’s evolving profile in export and import operations is part of a broader conversation about how nations adapt to sanctions, shifts in energy markets, and the pursuit of monetary sovereignty within a rapidly changing international financial system.
Sources and attribution: Central Bank statistics as reported by RBC; official risk assessments and policy statements issued in relation to currency usage in trade. See institutional communications for the most current data and interpretive guidance.