23.05.2024, 09:59
The record growth in the share of the ruble in settlements with Europe was explained
Source: OREANDA-NEWS
OREANDA-NEWS According to the Central Bank, in March 2024, the share of the ruble in trade between Europe and Russia increased to 58.5 percent (plus 10.8 percent year-on-year). Experts interviewed by Izvestia explained this record of using the national currency in international settlements.
According to Oksana Polishchuk, senior lecturer at the Department of Corporate Finance and Corporate Governance at the Financial University under the Government of the Russian Federation, settlements in rubles are becoming more popular due to sanctions. Limiting the ability of domestic exporters, especially representatives of the energy sector, to receive payments in dollars and euros, leads to the diversification of foreign exchange reserves.
"In response to the sanctions, Russia very reasonably began to actively promote the use of its national currency in international settlements. These processes correspond to the global economic trend in de—dollarization," added Vadim Petrov, a member of the IOC UNESCO Inter-Sessional Financial Advisory Group, Director of the Institute of Social Technologies, Ecology and Art.
In accordance with the presidential decree obliging to pay for gas supplies in rubles, buyers of Russian energy resources transfer the currency to one of the available banks, where funds are converted into the national currency, explained financial expert, investor Nikolai Mozhenkov. Another reason for the increase in the share of the ruble in calculations was the rule of selling foreign exchange earnings, which are credited to the trade balance in rubles as receipts from the European Union. Finally, the "Europe" region also includes Belarus, which is also one of the most important export markets of Russia, and which is calculated for supplies in rubles, added Irina Arekhina, president of the Russian Club of Financial Directors.
During a trip to China, Russian President Vladimir Putin said that after the introduction of Western sanctions, Russia and its friendly countries began to switch to trade and economic settlements in national currencies, including rubles and yuan. Thus, the share of payments in national currencies in settlements between Russia and China, which has recently become the main partner of the Russian Federation, has increased to 90 percent.
According to Oksana Polishchuk, senior lecturer at the Department of Corporate Finance and Corporate Governance at the Financial University under the Government of the Russian Federation, settlements in rubles are becoming more popular due to sanctions. Limiting the ability of domestic exporters, especially representatives of the energy sector, to receive payments in dollars and euros, leads to the diversification of foreign exchange reserves.
"In response to the sanctions, Russia very reasonably began to actively promote the use of its national currency in international settlements. These processes correspond to the global economic trend in de—dollarization," added Vadim Petrov, a member of the IOC UNESCO Inter-Sessional Financial Advisory Group, Director of the Institute of Social Technologies, Ecology and Art.
In accordance with the presidential decree obliging to pay for gas supplies in rubles, buyers of Russian energy resources transfer the currency to one of the available banks, where funds are converted into the national currency, explained financial expert, investor Nikolai Mozhenkov. Another reason for the increase in the share of the ruble in calculations was the rule of selling foreign exchange earnings, which are credited to the trade balance in rubles as receipts from the European Union. Finally, the "Europe" region also includes Belarus, which is also one of the most important export markets of Russia, and which is calculated for supplies in rubles, added Irina Arekhina, president of the Russian Club of Financial Directors.
During a trip to China, Russian President Vladimir Putin said that after the introduction of Western sanctions, Russia and its friendly countries began to switch to trade and economic settlements in national currencies, including rubles and yuan. Thus, the share of payments in national currencies in settlements between Russia and China, which has recently become the main partner of the Russian Federation, has increased to 90 percent.
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