In the nine months of 2022, the dollar’s share in Russian export settlements decreased from 52% to 34%, while the share of ruble settlements increased from 12.3% to 32.4%. This was announced by the Bank of Russia in the “Financial Stability Review” for the second or third quarter.
At the same time, the share of the yuan in export regulations approached the euro: by the end of September, the euro accounted for 19% of the regulations (at the beginning of the year about 35%), the yuan – 14% against 0.4%.
According to the observations of Central Bank analysts, the reduction in the use of the dollar and the euro in foreign trade took place “against the background of unprecedented sanctions by the US and the EU.” The growth of Chinese ruble and currency deals was facilitated by the “reorientation of trade flows in the Asian direction and the currency exchange of deals under existing contracts with Chinese and other countries’ companies.”
As RBC clarifies, referring to the materials of the regulator, the share of the ruble in export deals began to grow actively in May 2022, and then reached 27.5%, while the dollar and the euro accounted for 35.7, respectively and 32.9%, in the same period. The share of settlements in Chinese yuan increased significantly already in March, from 0.3-0.4% to 1.5%.
