During a session titled Chinese business in Russia: prospects for further growth at the Eastern Economic Forum, the senior banking executive discussed shifts in Russia’s foreign trade currency structure. The emphasis was on how trade settlements increasingly favor friendly currencies over traditional reserve currencies, reflecting a broader move toward de-dollarization and currency diversification in the country’s commercial exchanges. The public remarks highlighted observable trends in the trade data that point to changing currency preferences among importers and exporters alike.
The data presented indicated a clear decline in the share of dollar and euro in both exports and imports since the start of 2023. In the first months of the year, the combined use of these major currencies hovered around the high forties, while by late summer the proportion had contracted to the mid-twenties to low thirties. This evolution in payment currencies signals a strategic realignment in how Russia conducts its international trade, with commercial entities increasingly using rubles and regional currencies as settlement media. The speaker underscored that this shift appears persistent and likely to gain momentum as market participants gain experience with alternative currencies and as policy incentives reinforce the trend.
Remarks also noted that a substantial portion of Russia’s foreign trade has already transitioned toward what were described as friendly currencies, with the ruble and the yuan taking a central role. Data and observations presented suggested that the move away from traditional Western currencies complements broader economic and policy objectives aimed at enhancing resilience in international trade. The message conveyed was one of continued transition, with expectations that the share of ruble and yuan in trade settlements will continue to grow as commercial practices adapt and new clearing arrangements mature.
Following a decision published by the Federation Council earlier in the year, the Central Bank of Russia issued guidance encouraging processing international payments in selected currencies. The directive, issued after remarks from the central bank leadership, signals a coordinated approach to international settlements that supports diversification of payment channels. The emphasis remains on practical implementation for businesses engaging in cross-border trade, with a focus on liquidity management, risk assessment, and compliance considerations across multiple markets and currencies. This policy direction aligns with broader efforts to strengthen national financial infrastructure and reduce exposure to external payment bottlenecks while maintaining stable macroeconomic conditions for exporters and importers alike. (Source: EEF proceedings and central bank communications)