MOSCOW, April 12. /TASS/. The share of the ruble in payments for export supplies surpassed 30% by the end of last year, becoming equal to that of the US dollar and exceeding the euro’s share, according to the ‘Review of the Russian Financial Sector and Financial Instruments’ released by the Bank of Russia on Tuesday.

"After payments for natural gas supplies to unfriendly countries shifted to rubles in May 2022 the share of the national currency in export supplies rose significantly (surpassing 30% by the end of the year), becoming equal to the share of the US dollar and notably exceeding the euro’s share," the regulator said.

Meanwhile, the overall weight of the US dollar and euro in payments both for export and import supplies amounted to slightly less than 50% even by the end of 2022, which is in line with the country structure of Russia’s foreign trade in general, though it may also demonstrate persisting settlement risks and risks of assets being blocked by unfriendly countries for Russian companies and their contractors, according to the review.

"It should be noted that the currency of payment often differs from that of contract, with an increase in the yuan’s share in payments much more indicating a shift of contract payments to the Chinese currency. That said, the currency of the contract itself remains intact. As a result, the currency risk of Russian companies may rise," the Central Bank explained.