Ruble Share Surges in Russia’s Trade in March 2024

In March 2024, the ruble showed unprecedented strength in Russia’s international trade, commanding a substantial share of both exports and imports. Data from the Central Bank’s Financial Risk Review reveal that the ruble accounted for a notable portion of cross-border payments in both directions, surpassing 40 percent in each case. This shift highlights how the currency played a pivotal role in the country’s trade flows during the month.