RT.com
04 Dec 2022, 15:38 GMT+10
Half of the country's external transactions are now being made in other currencies
The share of the US dollar and the euro in Russia's cross-border payments has fallen by more than a third since the beginning of the year, from 79% to about 50%, the country's Central Bank announced this week.
While the bulk of export and import settlements remain in dollars and euros, these payments are hampered by sanctions, as many Russian banks have been disconnected from the Western financial messaging system, SWIFT, and are now unable to carry out certain transactions.
The use of China's yuan by Russian businesses has increased dramatically in the past nine months as Moscow seeks to reduce its reliance on Western currencies. But to arrange payments in alternative currencies, a new infrastructure for foreign exchange operations has to be established, the regulator said.
The share of the yuan in the volume of Russian currency trading surged from 3% in March to 33% in November, according to the Central Bank. The regulator explained that market players "not only purchased yuan for rubles, but also transferred part of the funds from dollars and euros" into Chinese currency.
READ MORE: Russia and China have plan to bypass SWIFT - Moscow
The two countries have reportedly accelerated efforts to move away from the US dollar and the euro, towards settlements using domestic currencies.
The monthly volume of trading in the currencies of other so-called "friendly" nations rose more than sixfold from 6.5 billion rubles ($100 million) in March to 39.4 billion rubles ($640 million) in September.
For more stories on economy & finance visit RT's business section
Get a daily dose of Taiwan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Taiwan Sun.
More InformationDUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...