MOSCOW, March 9. /TASS/. The share of "toxic" currencies in the currency structure of settlements of Russia’s foreign economic activities in 2022 has significantly decreased. The yuan is becoming an alternative settlement currency, in addition to Russian rubles, while other currencies of friendly countries are used extremely rarely, according to the Bank of Russia’s February review of financial market risks.
The share of "toxic" currencies in settlements for Russian exports decreased from 87% at the beginning of 2022 to 48% at the end of the year, the share in imports - from 65% to 46%. The share of the yuan in settlements for Russian exports in 2022 jumped to 16% from 0.5%, the ruble - to 34% from 12%. The share of the yuan in payments for imports rose to 23% from 4%.
In the meantime, the share of the ruble in payments for imports slightly decreased - from 29% to 27%. At the beginning of 2023, the share of currencies of other friendly countries in Russia’s foreign economic activities was 4%.
In turn, the gradual abandonment of settlements in euros in exports has led to the fact that net exports in this currency (the difference between exports and imports in euros) has become negative.
"A strong reduction in payments in euros for exports occurred mainly in the first half of 2022. Constant monitoring of the balance of toxic currencies on the market in the context of export and import operations of Russian companies, carried out by the Bank of Russia, shows that there is a gradual increase in the share of friendly currencies and the foreign exchange market as a whole balanced," the regulator says.