International calculations of Russia

Main article: Russian Foreign Trade

2024

Launch of international settlements in "golden" digital financial assets

In mid-2024, Russian companies conducted the first test operation of cross-border settlements using "golden" digital financial assets (CFA). This became known on March 3, 2025. The new settlement scheme allows you to tie the value of digital assets to the indices of gold, which is physically stored in freeports abroad. Read more here

70% of demand for foreign currency in Russia falls on importers, in Western countries - up to 5%

By the end of 2024, in Russia, the demand for currency within the Russian circuit is generated by 70-75% by importers, while in Western countries the share of trade operations in cross-border flows is 1-5% (the rest of financial transactions are monetary operations, shares, bonds, derivatives).

CBR: Foreign trade participants are already using digital financial assets in international settlements

Central Bank of Russia On July 4, 2024, he announced that participants in foreign economic activity (foreign economic activity) are already actively using digital financial assets (CFA) for international settlements. This information was announced by the First Deputy Chairman CENTRAL BANK OF THE RUSSIAN FEDERATION Vladimir Chistyukhiny.Read more here

New maximum of currencies of neutral countries in the structure of settlements for exports from Russia - 45%, for imports - 41%

The trend towards uncoupling from the currencies of unfriendly countries continues, but not as quickly as in 2022-2023 - 17.6% in the structure of settlements for Russian exports in May 2024 compared to 20.5% on average for January-May.24, 39.6% for January-May.23 and 84.7% for January-May.21.

The currencies of neutral countries form 45.4% of export settlements compared to 40.4% since the beginning of the year, 22.2% in 2023 and only 1.2% in 2021 for the same period of time.

Accordingly, for the ruble for exports - 37% in May vs 39% since the beginning of the year, 38.2% in 2023 and 14.2% in 2021.

According to calculations for imports, the share of the ruble soared from January to February 2024 by almost 10 percentage points and remains in the range of 40-42% (41.8% in May) vs 38.1% per Jan-May.24, 29.1% in 2023 and 28.3% in 2021 for the same period of time, Spydell Finance wrote.

The share of neutral countries' currencies in imports tends to decline due to the growth of ruble settlements - 34.9% in May vs 41.3% at the peak for the half year from Aug. 23 to Jan. 24, and since the beginning of the year the share was 36.6%, in 2023 - 28.9% and 3.8% in 2021 in January-May.

Almost a quarter of import settlements are made in the currencies of unfriendly countries - 23.4% in May vs 25.3% since the beginning of the year, 41.9% in 2023 and 67.9% in 2021.

In accordance with the operational data on the import of goods and services since the beginning of the year, we are talking about $144 billion, among which $36.4 billion passed mainly in dollars and euros and this is significantly less than $65 billion per January-May.23 and $86 billion per January-May.22.

In terms of exports in the currencies of unfriendly countries, 102.6 billion have passed since the beginning of 2024 vs 198 billion in 2023 and 409 billion (!) In 2022 for the same period.

The balance is positive, the currency is enough for settlements.

The ruble for the first time took more than 40% in the export and import of Russia

For the first time, the ruble took more than 40% in Russia's exports and imports. This happened in March 2024.

The share of operations in rubles in export revenue in March [2024] increased to 43.9% (in February - 39.1%), and in calculations for imports - to 40.8% (in February - 38.2%), - says the materials of the Bank of Russia, excerpts from which RIA Novosti leads.

The previous maximum ruble in exports was dated June 2023 - then it was at the level of 43.6%. In imports, a record of 40% was set in February 2024.

In March 2024, export revenue in the currencies of friendly countries reached $14.2 billion against $12.3 billion in February 2024. Settlements for imports in these currencies in comparison with the same periods increased to $8.7 billion from $8.3 billion a month earlier, according to the regulator's document.

In March 2024, Russian Deputy Prime Minister Alexander Novak said that Russia sells about 40% of oil and gas in rubles, another 40% in yuan. According to him, the share of the dollar and the euro in these trading operations is "minimized."

On May 16, 2024, Russian President Vladimir Putin said that the share of the ruble and yuan in Russian-Chinese commercial operations exceeded 90% and continues to grow. Earlier, the head of state emphasized that the more Russia uses the national currency in economic financial calculations, the better. According to Putin, this increases the sovereignty and capabilities of the country.

According to forecasts of the Ministry of Economic Development, in 2024 in the EAEU countries the share of the ruble in mutual settlements will be more than 85%, and the share of all national currencies of the member states will exceed 90%. The share of the ruble and other currencies of friendly countries in 2023 reached 76% in exports and 72% in imports of the Russian Federation, and at the beginning of 2024 this share exceeded 80%, the department said.^[1]

The share of the ruble in the calculations of the Russian Federation and Europe reached a record 58.5%

In March 2024, the share of the ruble in settlements between Russia and Europe for the export of goods and services reached a record level of 58.5%. The figure is up 10.8 percentage points from the previous year and 9.6 points from February 2024. This is evidenced by the data of the Central Bank of the Russian Federation, published at the end of May 2024.

The document says that the share of the ruble in settlements for the export of goods and services to Europe continues to grow steadily. In the first quarter of 2024, it reached 53.8%, which is the maximum value. In May 2024, the share of the dollar and euro declined to 32.5%, while the share of currencies of friendly countries such as the yuan, rupee and dirham was 13.7%.

𝓲

Фото: Unsplash

According to experts from the Central Bank of Russia, a significant increase in the share of the ruble in settlements with Europe is due to several factors. One of them is stable supplies to Belarus, where the ruble plays an important role in trade. Also, the growth of ruble settlements was influenced by the transition from April 2022 to payments for gas supplied to the European Union in rubles.

According to the Central Bank, according to the structure of currencies used for settlements for exports and imports, in various geographical directions. In 2023, the share of the ruble in settlements with Europe increased significantly, which was the result of a change in the geopolitical situation and related economic sanctions. At the same time, the share of the dollar and the euro fell to a minimum level of 28.5%.

In Asian countries, which account for more than 75% of Russian commodity supplies abroad, in the first quarter of 2024, exports were mainly calculated by the currencies of friendly countries (44.4%), the share of the ruble was 37.5%, and the share of dollars and euros - 18.2%.

Analysts of the Central Bank attribute the increase in the share of the ruble in settlements with Europe with several key factors. Firstly, these are stable supplies to Belarus, where the ruble plays an important role. Second, sanctions imposed on Russia have complicated settlements in the euro and other Western currencies, prompting companies to switch to rubles.

Analysts RANEPA note that the March 2024 growth of the ruble share to 58.5% is a significant achievement, but this value may be temporary and depends on many factors. According to Alexander Firanchuk, senior researcher at the RANEPA, the trend towards an increase in the share of the ruble continues, but it may change depending on the geopolitical situation.

Leading expert of TsMAKP Andrei Gnidchenko adds that a possible increase in settlements in rubles is associated with the presidential decree on special accounts for settlements in rubles for food products. This, he said, could lead to a further increase in the share of the ruble in settlements.^[2]

2023

EEC: Share of settlements in national currencies in the EAEU reached 90%

The volume of settlements in national currencies between the countries of the Eurasian Economic Union (EAEU) reached 90% at the end of 2023. This was stated by Chairman of the Board of the Eurasian Economic Commission Bakytzhan Sagintayev in October 2024 at a meeting of the Eurasian Intergovernmental Council in Yerevan. Read more here.

The share of the ruble in the calculations of Russia with Africa doubled and reached 48.1%

The share of ruble settlements between Russia and African countries in 2023 reached 48.1%, which is more than twice as much as the previous year (21.9%). This was announced in March 2024 by RBC with reference to data from the Central Bank of Russia.

Over the year, Russia got rid of dependence on the currencies of unfriendly countries when settling with African countries - if in 2022 more than 71% of all transactions were carried out through the currencies of unfriendly countries, then in 2023 there were a third of such transactions - 33.1%. The same trend, but on a smaller scale, is noticeable in calculations Russia with countries in other regions. Thus, the number of settlements in the currencies of unfriendly countries with countries Europe decreased by 8% over the year, with America - 20%, and with countries - Asia by 25%. At the same time, dependence on the currencies of unfriendly countries in settlements with American countries remains the greatest - 56.1% of settlements in 2023 were carried out through the currencies of unfriendly countries.

𝓲

Фото: Unsplash

The share of settlements in rubles is also growing relative to all regions. Almost half of all settlements with the countries of Europe and Africa are carried out in rubles. The largest growth for the year occurred with African countries.

The share of settlements in the currencies of friendly countries is also growing steadily, but only in settlements with Asian countries this plays a significant role - for example, more than half of all settlements of Russia and Asia (55.5%) occur in the currencies of friendly countries.^[3]

Growth in RMB exports and imports

Central Bank: from March 2022 to March 2023, the volume of export operations in yuan increased from $0.5 billion to $6.9 billion per month (13.8 times), imported - from $1.4 billion to $7.7 billion (5.5 times). As of March 2023, the share of the yuan in the export structure was 18%, and in the import structure - 27%. The share of toxic currencies in the Russian market in April 2023 decreased to 62.3%.

For the first time, the ruble and yuan took half in Russia's export calculations

In 2022, the share of the yuan in export settlements increased from 0.5 to 16%, and the share of the ruble - from 12 to 34%, follows from the Bank of Russia's Financial Markets Risk Review. Another 2% falls on other currencies of friendly countries, indicated in the document. Thus, the Russian and Chinese currencies took half of Russia's foreign trade calculations.

"Against the background of large-scale sanctions restrictions on the part of unfriendly countries, a wide structural transformation of the Russian economy has taken place since March 2022, including in terms of calculations of foreign economic activity," the report says.

The result of the transformation was a significant reduction in the share of the currency of unfriendly countries (dollars and euros) in export settlements - from 87 (early 2022) to 48%. That is, the ruble and friendly currencies collectively accounted for 52%, follows from the report. The gradual rejection of settlements in euros in exports led to the fact that net exports in euros (the difference between exports and imports) became negative, the Central Bank states.

The currency structure of import payments has also changed: the share of currencies of unfriendly countries here decreased from 65 (January 2022) to 46% (December). "The decrease in the share of toxic currencies was mainly due to an increase in the share in the calculations of yuan: over the year it increased from 4 to 23%. At the same time, the share of the ruble in calculations for imports slightly decreased - from 29 to 27%, the share of currencies of other friendly countries at the beginning of 2023 was 4%, "the regulator cites these.

The share of the ruble in export calculations began to grow actively in May 2022 - then it reached 27.5%, the dollar and the euro accounted for 35.7 and 32.9% in the same period, respectively, follows from the statistics provided in the review. The share of settlements in the Chinese yuan rose sharply in March - from 0.3-0.4 to 1.5%.

It should be remembered that the data can take into account the write-off/settlement currency rather than the contract currency. Pricing and contracts both went in foreign currency and can go, and conversion operations take place within the Russian financial system with the difference that the external counterparty may not have a correspondent account with Russian banks, and these operations will be from Russian residents.

In August, Russia became the third country in the world in terms of offshore payments in yuan (passing outside China), the International Banking System for the Transfer of Information and Payments (SWIFT) indicated in its report. Russia accounted for 4.3% of the total yuan payments outside China in August. At the same time, until April 2022, Russia was not at all in the ranking of countries with the largest share of offshore yuan settlements.

By the end of 2022, Russia's share in yuan payments outside China decreased. At the end of December, it occupied only the sixth line, its share was 1.89%. But in January 2023, Russia's share in offshore yuan settlements began to grow again and reached 2.57%, which corresponds to the fifth line of the rating, which is SWIFT. These statistics do not take into account payments that do not go through SWIFT, from which many of the largest Russian banks are disconnected.

Russia ranked third in the use of the yuan in international settlements

At the end of July 2022, Russia ranked third in terms of the use of the yuan in international settlements. Russia's share in the total volume of international settlements with yuan in July 2022 amounted to 3.9%, compared to 1.42% in June, when the country occupied only the seventh position.

2020: The share of Russian exports in dollars fell below 50% in the IV quarter

The share of Russian exports in US dollars fell below 50% in the IV quarter of 2020. Amid sanctions and the constant threat of new restrictions, Russia is forced to look for ways to isolate its economy from US interference.

According to the Central Bank, the largest reduction in the use of the dollar was due to trade between Russia and China, more than 3/4 of which is now conducted in euros.

The share of the European currency in total exports jumped by more than 10 percentage points to 36%.

The Central Bank in its international reserves also reduced investments in US Treasuries, while increasing the share of gold reserves and the euro.

2019

Russia reduced trade in rubles in the EAEU

In 2019, Russia reduced trade in rubles in the Eurasian Economic Union (EAEU). The Russian currency still remains dominant, but at the same time the share of currencies of other countries is increasing. This is evidenced by the data of the Eurasian Development Bank (EDB) " The main trends in the integration development of Russia in 2019." Read more here.

The ruble has become the main currency in trade with India when paying for Russian goods

At the end of 2019, according to the Central Bank of the Russian Federation, the ruble became the main currency in trade with India when paying for Russian goods - its share in 2019 reached 76.2% against 38% a year earlier. In 2013-2014. the Russian currency accounted for only 1.1% and 3% of such payments, respectively.

When paying Russians for Indian goods in 2019, the share of dollar payments decreased to 65.3% from 68.3%, but the share of payments in euros increased to 12.6% from 7.9%.

Under contracts with the countries of the European Union in Russia at the end of 2019, the share of payments in euros increased to 38.2% from 34.3% in 2018, in rubles - to 9.1% from 8.4%. At the same time, the share of payments in dollars decreased to 49.5% from 54.4%. Russian buyers paid 48.6% in euros to European suppliers in 2019, as in 2018. Ruble payments increase the gap from payments in dollars - their share increased to 29.5% from 28.4%.^[4]

Notes