First Deputy Secretary of the Security Council Vakhrukov: share of unfriendly currencies in export settlements reduced to 36%
First Deputy Secretary of the Russian Security Council Sergey Vakhrukov at the session of the St. Petersburg International Economic Forum (SPIEF) «De-dollarization: the future of money» ; stated that as of May 2023 the proportion of «toxic» currencies, in particular, the dollar and the euro, accounted for less than 36% in settlements for Russian exports.
As noted by the First Deputy Secretary of the Security Council, Russia is dynamically moving away from these currencies, and if at the beginning of last year their share of all settlements was 87%, then by the end of last year it had decreased to 48%, and by May of this year their share had reached less than 36%, and it has a “good tendency to decrease.”
Vakhrukov pointed to then, a significant reduction in the use of the dollar and the euro happened against the backdrop of sanctions imposed on the Russian Federation, which limited settlements in these currencies. He added that the reduction in their use was also influenced by the need for a rapid reorientation of trade flows from West to East under the embargo imposed by the European Union (EU) and the G7. The First Deputy Secretary of the Security Council stressed that Russia was placed in «difficult conditions».