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Western currencies losing grip on Russia: deputy finance min.

The share of the US dollar and euro in Russia’s settlements slumped from 90% in early 2022 to less than 50% by the end of the year and will keep falling, Russian Deputy Minister of Economic Development Vladimir Ilyichev told RT on Friday.

The US dollar and euro are gradually losing global dominance as a Washington-led sanctions policy has prompted more countries around the world to shift to settlements in national currencies, he said at the St. Petersburg International Economic Forum (SPIEF).

“In early 2022 the share of the dollar and euro in our trade turnover totaled almost 90%. By the end of the year, the share of these currencies dropped to 48%, with more than 50% of settlements being carried out in rubles and yuan. This year the trend will persist, as Western countries continue adopting sanctions packages,” Ilyichev said.

Russia started actively replacing the dollar and euro in its foreign settlements with other currencies last year and dramatically reduced the number of banking accounts and transactions between companies and financial institutions involving Western currencies.

Depending on various scenarios, the Russian Finance Ministry expects the share of the greenback and euro to diminish to 10-15% by year’s end, the deputy minister revealed. He noted that the share of the ruble in settlements between countries in the Eurasian Economic Union (EEU) reached 75% in 2023.

“Outside the EEU and former Soviet countries, China and the Arab states are among those who are shifting away from the dollar more actively. We’ve reached substantial volumes of settlements in rupees with India,” the official stated.

MNA/PR

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