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National currencies’ share in Russia’s trade with CIS exceeds 85% — minister

"The ruble accounts for more than 80% of export and import transactions," he said

MOSCOW, October 26. /TASS/. The share of national currencies in Russia’s trade with CIS countries exceeds 85%, with the ruble accounting for more than 80% of export and import operations, Russian Minister of Economic Development said in an interview with the Rossiyskaya Gazeta daily.

"Currently, the share of national currencies in Russia’s trade with CIS countries exceeds 85% The Russian ruble has replaced the US dollar and euro to become the main currency in Russia’s foreign trade contracts with CIS countries. The ruble accounts for more than 80% of export and import transactions," he said, adding that currencies of the CIS countries are used to pay for imports and part of them is trade on the Moscow Stock Exchange.

As for trade with countries other than CIS members, he cited Russian-Chinese trade, where "rubles and yuans account for nearly 95% of settlements." Average daily turnover, in his words, is nearing 200 billion rubles (over two billion US dollars). The minister noted that Russia uses yuans not only in trade with China but also with other countries, which makes it possible to meet the demand of Russia’s "economy and people in various good.".

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