A senior Russian official, the deputy prime minister and former head of the Ministry of Energy, Alexander Novak, outlined a shift in international trade practices. He said that Russia has reduced use of the dollar and the euro in dealings with nearly all partner countries, moving toward agreements conducted in rubles and other national currencies. The claim was reported by a major state news outlet, and it reflects a broader global push toward currency diversification in energy transactions.
Novak stressed that the move to settle energy trades in national currencies aligns with a worldwide trend toward currency diversification and greater financial sovereignty for energy exporters. He noted that this pattern is becoming more common as nations seek to reduce exposure to foreign exchange fluctuations and to strengthen monetary autonomy in large-scale commodity markets.
Additionally, Novak pointed to a wide-ranging diversification of Russia’s gas industry, describing ongoing shifts within the sector as part of a broader effort to optimize resources and expand domestic capabilities. This evolution is framed as a response to evolving international demand, logistics realignments, and the need to bolster energy security while maintaining competitive pricing in global markets.
During the same period, Novak referenced Russia’s readiness to increase supplies of petroleum products to Saudi Arabia, signaling continued cooperation in bilateral energy and economic ties. He indicated Moscow’s confidence in the collaboration between Russian companies operating in the artificial intelligence sector and Saudi Aramco, suggesting that advanced technologies could enhance efficiency and innovation across the energy value chain. Earlier in the year, Russia and Saudi Arabia renewed a voluntary oil production-cut agreement, reinforcing coordinated efforts to stabilize global markets.
In related developments, the central bank previously identified factors that hinder the ruble’s strength, highlighting the complex interplay between monetary policy, trade balances, and external financial conditions. Analysts continue to monitor how these dynamics interact with Russia’s broader strategy to diversify trade settlements and strengthen financial resilience in the face of international sanctions and market shifts.