Russian Exports See Record High in Ruble Settlements Amid Sanctions
Russia’s efforts to shift away from Western currencies have gained momentum, with a record high of 55.5% of export settlements being made in rubles in June, according to central bank data. This marks a significant increase from 52.4% in May and surpasses the 50% threshold for the first time across all major trade regions.
The move towards de-dollarization comes as Moscow continues to face sanctions from the West, which have led to major Russian banks being cut off from the SWIFT network since 2022. In response, companies have sought alternative payment channels and turned to national currencies.
The central bank reported that exports in June totaled $33 billion, bringing the second-quarter total to $100 billion and the first-half results to $196.1 billion. Economists note that Russia’s trading partners, excluding those using major global currencies like the US dollar or euro, are increasingly opting for ruble payments to avoid conversion costs and secure better terms.
The Caribbean region led the way in ruble settlements, accounting for 97.5% of exports in June, followed closely by Africa, which saw a significant surge from 12.9% at the start of 2024 to over 85%. Oceania also reported high settlements in rubles, reaching 83.1%, while Europe remained high at 65%. North America, however, had the lowest proportion of ruble settlements among major regions, standing at 47.4%.
Analysts believe that these figures underscore Moscow’s accelerating de-dollarization drive, as sanctions continue to reshape global financial flows. Strategic partners are increasingly adopting the ruble to bypass restrictions, contributing to the currency’s growing presence in international trade.
In a related development, the Russian government recently scrapped requirements for exporters to repatriate and sell foreign currency revenues, citing stable liquidity and a stronger ruble. This move is seen as a further step towards reducing reliance on Western currencies and promoting the use of the ruble in international transactions.
As the global economic landscape continues to evolve, Russia’s shift towards de-dollarization is likely to have significant implications for international trade and finance. With the ruble gaining traction as a settlement currency, it remains to be seen how this trend will impact the global economy in the long term.
