SHALL WE SWITCH TO ROUBLES? RUSSIA AND THE EU GIVE UP ON USD

HomeNewsSHALL WE SWITCH TO ROUBLES? RUSSIA AND THE EU GIVE UP ON USD

The share of the US dollar in the exchange between Russia and the EU countries decreased since the introduction of the US sanctions by almost a quarter. The total share of USD in the EU-Russia transactions in 2018 was 23.7% down from 44.5% back in 2013.

Specifically, the use of the U.S. currency by the EU countries to settle the exports from Russia dropped by 25%, and by 20.4% when receiving payments from Russia for imports.

At the same time, the share of the euro in the payments for exports from Russia to the EU is up by 34.3%, of the Rouble by 8.3% and of other national European currencies by 3%. The share of euro in imports rose to 48.5%, and of Rouble – up to 28.4%, while that of other currencies – up to 1.3%.

According to experts, the decline in the share of the dollar and the increase in the share of other currencies is caused by the fact that business is scared of dollar assets freeze within the framework of the U.S. sanctions against Russia.

The analysis shows that since 2013, Russia's trade turnover with the EU countries has fallen by 29.5% (to $294.4 billion), while the volume of services and goods paid for by dollars - by 46.2% (to $131 billion).