Over half of all payments for Russian exports are being made in rubles
(MENAFN) For the first time, over half of all payments for Russian exports are being made in rubles, according to data from the Russian central bank. This milestone reflects Moscow’s ongoing efforts to reduce reliance on Western financial systems following its exclusion from SWIFT in 2022 due to sanctions related to the Ukraine conflict.
In May 2025, ruble-based transactions accounted for 52.4% of export payments—slightly up from April’s 52%—marking the first time the ruble exceeded 50% across all major trading regions. These changes align with Russia’s broader strategy to move away from using the US dollar and euro in international trade.
According to Tatiana Belyanchikova, a finance expert from Plekhanov Russian University of Economics, this rise also reflects a decline in the use of currencies from so-called "friendly" countries. She explained that many of Russia’s trading partners now prefer rubles due to lower conversion fees and better trade terms.
By region, ruble use was highest in Oceania (94.2%), followed by the Caribbean (92.1%) and Africa (84.6%). Even Europe and North America saw ruble payments rise to 59.8% and 51.9%, respectively.
Ruble transactions were especially dominant in trade with neighboring countries and strategic partners like China, where nearly 95% of trade was conducted in rubles or yuan by the end of 2024.
Analysts interpret the shift as a sign of Russia’s rapid push toward de-dollarization, with many partners adopting the ruble to navigate around sanctions and reshape global financial relationships.
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