Russia tries to increase RUB transactions

RUSSIA / FSU POLITICS - In Brief 25 Nov 2019 by Alex Teddy
On November 25 major Russian business newspaper RBK reported that the Ministry of Economic Development is aiming to increase the % of foreign transactions done in RUB from 20% at present to 30% by 2024. In 2019 14% of exports are paid for in RUB and these are mostly to former Soviet countries. 30% of Russia's imports are paid for in RUB.Within the Eurasian Economic Union the RUB is involved in 75% of commerce. Russia aims to raise this to 90% by 2024. These goals are hard to achieve. Yet the government is willing to suffer financial loss in return for enhancing sovereignty. This is part of the de-dollarization drive. It is a policy that has moved faster than many expected.In 2019 over 50% of Russian exports to China are denominated in EUR. It was only 12% last year.

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