More than 55% of trade payments were made in the national currency in June, central bank data shows
The share of Russian exports settled in rubles reached a record high in June as Moscow continued to shift away from Western currencies under sanctions, central bank data has shown.
The ruble accounted for 55.5% of export settlements last month, up from 52.4% in May. April was the first time the currency’s share exceeded 50% across all major trade regions.
Russia and several of its trade partners have moved to reduce reliance on the Western financial system since major Russian banks were cut off from the SWIFT network in 2022 after the escalation…
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