Paid services: the ruble took a record 62% in export calculations
Payments for Russian exports are increasingly being made in rubles, their share has reached a record 62%, according to the Central Bank. The main trading partners — China, India, Turkey and Belarus — actively use the Russian currency for settlements. De-dollarization reduces the dependence of foreign trade on Western infrastructure, because payments in rubles are not subject to sanctions. In addition, they are often cheaper to spend than in the case of other currencies. How the transition to ruble payments in foreign trade affects the budget and inflation in the Russian Federation — in the material of Izvestia.
Why payments in rubles are growing
The share of payments for Russian exports in rubles reached a record 62% in January—March 2026, according to data from the Bank of Russia (Izvestia analyzed them). Compared to the first quarter of 2025, it has increased by more than a third. At the same time, import rates increased from 52.7% to 56.3%.
In the first quarter of 2026, the share of payments for Russia's exports to Asian countries reached a record 60%, according to the Central Bank. In settlements with Europe, the figure is even higher: 70% of transactions are in Russian currency (this was due to the requirements for the EU to pay for Russian gas in rubles, as well as trade with friendly Belarus). At the same time, in transactions with Africa, Russia has almost completely switched to settlements in rubles and friendly currencies (almost 95%). Izvestia asked the Central Bank for comment.
The key buyers of Russian goods and services are China, India, Turkey, as well as the countries of the Eurasian Economic Union (which includes Belarus, Kazakhstan, Kyrgyzstan and Armenia) and the CIS. The Russian Federation mainly sells metals, food, raw materials, agricultural goods and chemical products to them.
The sanctions have forced exporters and their foreign partners to look for an alternative to dollar payments and use the ruble more actively, explained Dmitry Levin, project manager at Gamma Group Management Company. Russia is increasing the role of the national currency in foreign trade by promoting settlements in rubles both within the framework of the BRICS and through bilateral agreements with India, the UAE and China.
Nevertheless, the share of ruble payments may decrease in some months under the influence of the market situation. So, after a record high of almost 65% in March, the indicator decreased by about 5.5 percentage points in April.
The share of the ruble temporarily decreased against the background of the conflict between the United States and Iran, which led to an increase in oil prices and provoked instability of the ruble exchange rate. During the month, it rose in price by 6%, which could cause difficulties with calculations, so they partially began to be carried out in the currencies of friendly countries, said Vladimir Chernov, analyst at Freedom Global.
However, according to the Central Bank, this did not lead to an increase in the use of the dollar or the euro: payments mainly flowed into the monetary units of the partner countries, whose share increased by almost 6 percentage points to 29%. As a result, the total volume of payments in national and friendly currencies has even increased. The most noticeable redistribution occurred in the Asian direction, which is a key market for Russian exports.
The partners do not abandon the use of the ruble — in general, the trend towards an increase in the share of the national currency in external settlements remains, said Arthur Leer, president of the Association of Exporters and Importers, managing partner of the law Firm Lex Alliance.
Currently, Russian foreign trade continues to be rebuilt against the background of global instability, concluded Anton Nikitin, founder and CEO of Fingold. New logistics routes and payment routes are emerging, and settlements are increasingly switching to using national currencies.
How does this affect the Russian economy
If trade with partners is paid in rubles, payments are less dependent on Western banking infrastructure, which means they are more difficult to block. In addition, importers and exporters do not have to massively buy or sell foreign currency to fulfill contracts, which reduces pressure on the ruble exchange rate.
This also creates advantages for the budget, Anton Nikitin emphasized. A more stable flow of export earnings makes treasury revenues more predictable.
When raw materials are sold for rubles, oil and gas taxes and revenues go to the budget directly without recalculation, Dmitry Levin from Gamma Group Management Company reminded. With a shift towards the yuan or the rupee, the budget is more dependent on exchange rates for other countries' currencies: changes in their prices can lead to treasury losses. In general, the growing share of the ruble in calculations facilitates financial planning for the government.
The trend is also positive for businesses: settlements in rubles accelerate payments with foreign partners and reduce related costs, explained Arthur Leer. Due to this, companies can save on costs, which ultimately helps to curb rising prices for goods.
At the same time, the ruble cannot yet be called a fully freely used international currency, so not all trading partners are ready to keep significant funds in it, said analyst Vladimir Chernov from Freedom Global. This creates additional risks for foreign companies.: The exchange rate of the Russian currency may change, and the opportunities to use rubles in settlements with other countries remain limited compared to the dollar, euro or yuan.
Therefore, Russia has to balance between its own interests and the demands of its partners, Vladimir Chernov noted. In some cases, it is more profitable for them to use the yuan, however, as its share in the calculations of the Russian Federation increases, it depends more on China's monetary policy.
The share of the ruble in calculations will continue to increase in the future, but its role is already significant, experts interviewed by Izvestia clarified. Therefore, the growth of the indicator may slow down in the future. However, in general, it is important that de-dollarization has allowed Russia to get rid of dependence on the currencies of unfriendly states, and this significantly supports foreign trade in the face of sanctions.
Переведено сервисом «Яндекс Переводчик»
