The share of settlements for Russian oil and petroleum products conducted in US dollars has fallen to just 5%, according to data from the Ministry of Energy, The Izvestia newspaper reports with reference to “Strategy for the Development of the Oil Industry Until 2050: Tasks, Solutions, and Results” presentation.
Sharp Decline of Dollar and Euro
Since 2022, the role of the dollar in oil trade settlements has collapsed from 55% to 5%, while the share of the euro fell from 30% to just 1%. In contrast, the ruble now accounts for 24% of payments, and the Chinese yuan dominates with 67%, according to the Energy Ministry’s report.
Ruble Strengthens in Export Operations
The ruble remains the leading currency in overall export operations, with a 41.3% share. However, compared to 2023, its growth was modest — only 2.3 percentage points.
Dollar and Euro Retreat from Russian Trade
By the end of 2024, the combined share of the dollar and euro in Russia’s export currency structure fell to 18.6%, down 13 percentage points from 31.6% a year earlier. Nevertheless, these currencies still dominated trade with American and European partners, where they accounted for 67.5% of settlements, according to Central Bank data. Over the same period, the ruble’s share rose to 30.1%.
Import Settlements Turn to Ruble
In the second quarter of 2024, the ruble became the main currency for import settlements for the first time, with its share surpassing 40%.
Putin on Dollar Policy
On September 5, President Vladimir Putin emphasized that Russia was not pursuing a deliberate policy of dedollarization. Instead, he argued, it was Western restrictions that forced Moscow away from the dollar:
“It was not us who abandoned the dollar, but rather, they refused us.”
