Ruble Share in Russia’s Trade Surges Beyond Half in Exports

A report from the Russian Federal Customs Service (FCS) reveals a notable shift in the currency composition of Russia’s external payments. The acting head, Ruslan Davydov, noted that the ruble has surpassed the 50 percent mark in export settlements, signaling a decisive move toward greater ruble usage in the country’s trade. This trend was highlighted during the Eastern Economic Forum, where Davydov explained that ruble-denominated payments for exports already exceed half of the total export payments. He also pointed out that while rubles are increasingly used for exports, payments for imports remain predominantly settled in currencies that are often considered hostile in relation to Russia. As a result, rubles now account for more than a third of Russia’s overall foreign trade settlements, underscoring a broader push to diversify and strengthen the domestic currency within the country’s international trade framework.