Ruble share of Russia’s exports hits record high

More than 55% of trade payments were made in the national currency in June, central bank data shows

The share of Russian exports settled in rubles reached a record high in June as Moscow continued to shift away from Western currencies under sanctions, central bank data has shown.

The ruble accounted for 55.5% of export settlements last month, up from 52.4% in May. April was the first time the currency’s share exceeded 50% across all major trade regions.

Russia and several of its trade partners have moved to reduce reliance on the Western financial system since major Russian banks were cut off from the SWIFT network in 2022 after the escalation of the Ukraine conflict. Companies have sought alternative payment channels and turned more to national currencies.

According to the central bank, exports in June totaled $33 billion, bringing second-quarter totals to $100 billion and the first-half results to $196.1 billion.

Economists say that Russia’s trading partners – aside from those using major global currencies such as the US dollar or euro – increasingly opt for ruble payments to avoid conversion costs and secure better terms.

By region, the Caribbean accounted for the largest proportion of exports settled in rubles in June at 97.5%, followed by Africa – which surged from just 12.9% at the start of 2024 to more than 85% – and Oceania, where settlements reached 83.1%. Europe remained high at 65%, while North America stood at 47.4%, the lowest among major regions.

Analysts say the figures underscore Moscow’s accelerating de-dollarization drive as sanctions reshape global financial flows, with strategic partners increasingly adopting the ruble to bypass restrictions.

READ MORE: Ruble hits two-year high against dollar

Earlier this month, the Russian government scrapped requirements for exporters to repatriate and sell foreign currency revenues, citing stable liquidity and a stronger ruble.