MWE Correspondent
Russian Economic Development Minister Maksim Reshetnikov says Russia has fundamentally restructured its international trade, with the U.S. dollar and euro now accounting for only a small share of settlements for the country’s exports.
Speaking at the opening session of the BRICS Business Forum, Reshetnikov said the share of the dollar and euro in settlements for Russian exports has fallen dramatically over the past three years.
“Three years ago, the dollar and euro totaled 85% of settlements for Russian exports. Now the figure is about 11%,” Reshetnikov said.
The minister presented the figures as evidence of a major transformation in Russia’s trade and financial relationships, particularly as Moscow deepens economic cooperation with BRICS countries and other non-Western markets.
The sharp decline in the use of the dollar and euro reflects Russia’s broader push toward alternative currencies and payment mechanisms in international commerce. Moscow has increasingly encouraged settlements in national currencies as Western sanctions have restricted access to parts of the global financial system.
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Russia’s trade with countries including China, India and other emerging economies has become increasingly important as Moscow redirects exports away from traditional European markets.
The shift has also strengthened discussions within BRICS over reducing dependence on the U.S.-dominated international financial system. Member states have explored greater use of national currencies in cross-border trade and developing alternative payment arrangements.
For Russia, the transformation accelerated after the escalation of the Ukraine conflict triggered sweeping sanctions from the United States and European countries. Restrictions on Russian banks, reserves and financial transactions forced businesses to seek alternative ways of conducting international trade.
Reshetnikov’s remarks suggest that what began as a response to sanctions has developed into a broader restructuring of Russia’s commercial relationships.
The change is particularly significant for Russia’s energy sector, which remains heavily dependent on international buyers. Increased settlements in currencies such as the Chinese yuan and other national currencies have allowed Moscow to maintain trade despite restrictions on dollar- and euro-based transactions.
The development is also being closely watched by other BRICS members as the bloc seeks to expand economic cooperation and increase the use of national currencies in trade.
However, the reduced role of the dollar and euro in Russian export settlements does not necessarily mean the currencies have disappeared from Russia’s international trade. Rather, it signals a substantial shift in their relative importance as Moscow seeks to reduce exposure to Western financial systems.
Reshetnikov’s figures therefore highlight one of the most significant economic consequences of the geopolitical realignment of recent years: Russia is increasingly conducting its international trade through a network of alternative markets, currencies and payment channels.
