The ruble's share in payments for exports from Russia to Europe rose to a record 65%

The share of payments in rubles for exports to Europe exceeded 65% in Q3 and reached a record for the time of statistics. This follows from the Central Bank's data ("Izvestia" analyzed them).

Supply stakes: Russia wants to become one of the ten largest exporters of agro-industrial complexes

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At the end of 2019, the share of payments in rubles for exports to Europe was 19%. However, in 2022, after the imposition of sanctions against Russia, President Vladimir Putin signed a decree on the transfer of payments for natural gas supplies to unfriendly countries to rubles in order to abandon settlements in dollars and euros.

Also in the third quarter, the share of the ruble in import payments increased - in all regions it approached 46%.

The ruble is most actively used in settlements in trade with Armenia, Belarus, India and African countries, emphasized Antonina Levashenko, head of the Center-OECD of IPEI of the Presidential Academy. In addition, our relations with BRICS and EAEU countries are developing well, said Natalia Milchakova, a leading analyst at Freedom Finance Global.

"The dynamics of settlements in rubles for exports and imports shows that the Russian economy is gradually becoming more independent and confident, and the ruble is a currency in demand not only inside the country, but also outside it," explained Venera Shaidullina, associate professor of the Department of Global Financial Markets and Fintech at the Plekhanov Russian Economic University.

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Payment is beautiful: the share of the ruble in settlements for exports to Europe has grown to a record 65%