Overchuk called the transition of the Russian Federation to settlements in trade in national currencies a fait accompli

Russia's transition to payments in national currency in foreign trade is already a fait accompli, the share of such payments has approached its possible maximum. This was announced on April 16 by Russian Deputy Prime Minister Alexei Overchuk.

"You know, of course, in recent years, starting in 2015, there has been an increase in the volume of trade in national currencies. And over the past three years, there has been a sharp increase in the share of national currency settlements," he said.

Overchuk noted that the share of settlements in national currencies with China has reached an impressive 95%, 93% with the states of the Eurasian Economic Union (EAEU), and 98% with Belarus. He called these figures a "fait accompli."

In August last year, Arthur Meinhard, head of the global markets analytical department at Fontvielle investment company, told Izvestia that the advantage of using national currencies or Russian-friendly currencies in mutual settlements is that such transactions are not tracked by the West, unlike transactions in dollars or euros.

He clarified that, despite the difficulties in payments that have been observed throughout 2024, the trade turnover between the Russian Federation and China increased by 1.8% in value terms in the first six months, compared with 2023.