Russia has made progress in the fight against the dollar

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www.vsyako.netPhoto: Eugene biyatov / RIA Novosti

The Russian authorities over the past five years achieved some success in combating a dependence on the us currency: the share of US dollar in the structure of monetary operations of Russia from 2013 to 2018 fell from 79.6 to 67.3 percent. This is evidenced by research auditing and consulting company FinExpertiza.

As an alternative to the us currency, Russia began to use the Euro from 9.1 percent in 2013 to 17.3 percent by the end of 2018. This has largely contributed to the Russian trade partners, especially China, which sharply increased the share of Euro payments for Russian goods. For example, in the first quarter of 2018, the share of Euro payments was only 0.7 percent, however, by the end of the year it rose to 13.5 per cent.

Parallel with the decline in the share of the dollar grows, the importance of the Russian ruble, whose share in this period increased from 10.2 to 13.6 percent. A significant increase was shown by such trading partners as India (from 1.1 to 37.2 percent) and Belarus (from 53.4 to 78.2 percent). “By reducing the role of the dollar, the ruble in five years became the basic currency in Russia’s exports to CIS countries”, — stated in the study that during the plenary session of the Go Global Summit was presented by the Chairman of the Board of Directors FinExpertiza Elena Trubnikova.

After the introduction in 2014 of U.S. sanctions on Russia in response beginning the policy of reducing dependence on the dollar in international payments. A similar policy is currently considering the European authorities, who are also unhappy with the dominance of the dollar in international payments.

Video, photo All from Russia.

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