In August 2023, more than half of Russia’s export settlements with Europe were priced in rubles, according to reports from RIA Novosti, referencing data from the Central Bank of Russia. The pattern reflected a persistent use of the ruble in international trade flows, signaling a stronger preference for Russia’s currency in certain bilateral exchanges even as global markets undergo shifting dynamics.
Looking at the broader trend, the historical record shows the ruble’s share in export payments remained high in the mid-year window. In June, the ruble accounted for 53.2% of settlements, and August held a strikingly similar level at 53.1%. This continuity indicates a stable tendency among trading partners to denominate shipments in rubles, despite ongoing fluctuations in currency markets. In August, 34.1% of payments were completed in currencies considered unfriendly by Moscow, while the remaining share, 12.8%, involved other arrangements that do not fit the typical ruble or unfriendly-currency dichotomy.
Caribbean economies stood out for their heavy use of the ruble in trade with Russia. In this region, an impressive 83.8% of exports were denominated in the ruble, highlighting a regional preference that aligns with local financial strategies, currency regimes, and the evolving architecture of payment systems that Russia has cultivated with some Caribbean partners. Such high ruble-denominated volumes underscore how regional financial ecosystems can influence currency choice in international commerce.
Meanwhile, the picture in Africa and Asia showed a more nuanced mix. Many African and Asian countries still conducted significant trade with Russia in currencies of states considered friendly by Moscow. Yet the share of ruble-based payments in these regions remained noteworthy: about 11.5% for Africa and roughly 36% for Asia. This reveals a diversified approach among exporters and importers who balance currency exposure, hedging needs, and the practicalities of cross-border settlements.
In contrast, North America and Oceania have tended to see a larger share of Russian exports settled in currencies from unfriendly economies. That pattern points to the broader geopolitical and economic considerations that shape payment choices, including sanctions regimes, trade policy, and financial interoperability with global banking networks. The ruble’s role in these regions is comparatively limited, reflecting both market constraints and policy incentives that influence where and how trade is settled.
The regional contrasts in ruble use for Russia’s export payments fit into a wider narrative about currency resilience and strategic payment arrangements. Observers note that the ruble’s share has endured through more than a decade of financial volatility and geopolitical tension, aided by specialized clearing mechanisms, currency swaps, and bilateral agreements aimed at reducing reliance on dominant reserve currencies. This ongoing dynamic remains a focal point for policymakers and financiers as they assess the risks and opportunities inherent in ruble-denominated trade.
Earlier reporting from Western outlets highlighted debates about delays in Russian oil deliveries to India, illustrating how price settlement currency choices can intersect with supply chain issues and regional energy markets. Separate analyses from African partners also documented shifts in how ruble usage has evolved over time, reflecting both domestic economic considerations and responses to external market pressures. These developments provide context for interpreting the August 2023 data and its implications for the future of Russia’s international payments ecosystem.
Overall, the August 2023 snapshot reinforces the idea that currency preferences in export settlements are not static. They respond to a mix of regional financial practices, policy choices, and the evolving network of trade relationships Russia maintains across continents. For investors, policymakers, and researchers, understanding where and why the ruble is used—and where it is not—offers valuable insight into the mechanisms that underwrite international commerce in an era of shifting geopolitical alignments. The data suggest that while ruble-denominated trade remains prominent with certain partners, other regions continue to rely more heavily on currencies from countries viewed as unfriendly by Moscow, shaping a complex landscape for future payments and settlement strategies. Attribution: Central Bank of Russia; RIA Novosti reports.